Turo, a US-based peer-to-peer car sharing marketplace, raised $250m in funding.
IAC (NASDAQ: IAC) made the investment, becoming the largest shareholder in Turo with rights to expand its ownership over time. As part of the deal, IAC CEO Joey Levin will join Turo’s Board of Directors.
The company, which has raised $470m in total funding to date, intends to use the funds to accelerate growth and strengthen its global leadership position, and refine the customer experience.
Led by Andre Haddad, CEO, Turo is a peer-to-peer car sharing marketplace for people to book cars from a community of local hosts across the US, Canada, the UK, and Germany. Guests can choose from a selection of nearby cars, while hosts earn extra money to offset the costs of car ownership.
Turo is a community over 10m strong with nearly 400,000 vehicles listed and over 850 unique makes and models available across 5,500+ cities across the US, Canada, the UK, and Germany.
Las Vegas, Denver, Los Angeles, Orlando, San Diego, San Francisco, Atlanta and Miami are the major cities.