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U.S. Peer-to-Peer Car Rental App Targets Japan Debut
San Francisco-based Turo Inc. says a $104 million funding round led by Sumitomo Corp. will help it introduce its peer-to-peer car rental scheme in Japan by 2020.
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San Francisco-based Turo Inc. says a $104 million funding round led by Sumitomo Corp. will help it introduce its peer-to-peer car rental scheme in Japan by 2020.
The 9-year-old startup claims 6 million users and a fleet of 230,000 participating vehicles in the U.S. and Europe. The service enables owners to rent out their cars when not needed, much as Airbnb does for homeowners and apartment dwellers.
Turo says it intends to establish itself in Japan ahead of the Tokyo Olympics in 2020, when it predicts a flood of foreign visitors will be looking for vehicles. Turo’s service in the U.S. includes electric vehicles and luxury cars rarely available through conventional rental companies.
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