What is Turo?
Founded in 2010 and headquartered in San Francisco, California, Turo operates an online platform that facilitates peer-to-peer car sharing. The company enables individuals to rent out their personal vehicles to others, offering a flexible and often more affordable alternative to traditional car rental services. Turo's business model taps into the sharing economy, allowing car owners to monetize their underutilized assets while providing renters with a diverse selection of vehicles. The company's trajectory suggests a strong market fit and a growing acceptance of alternative transportation solutions.
How much funding has Turo raised?
Turo has raised a total of $467.6M across 8 funding rounds:
Series A
$13M
Private Equity
$5.9M
Series B
$25M
Series C
$47M
Series D
$91.7M
Corporate Investment
$250M
Series E
$30M
Debt
$5M
Series A (2011): $13M with participation from Shasta Ventures, August Capital, Google Ventures, and GM Ventures
Private Equity (2013): $5.9M, investors not publicly disclosed
Series B (2014): $25M supported by Trinity Ventures and Canaan Partners
Series C (2015): $47M featuring Canaan Partners, Google Ventures, Shasta Ventures, August Capital, Trinity Ventures, and Kleiner Perkins
Series D (2017): $91.7M backed by Shasta Ventures, August Capital, Trinity Ventures, Daimler, Kleiner Perkins Caufield Byers, Canaan Partners, GV, and Founders Circle Capital
Corporate Investment (2019): $250M with participation from IAC
Series E (2020): $30M led by 2 Chainz and Larry Fitzgerald
Debt (2020): $5M supported by PPP
Key Investors in Turo
IAC
IAC is a diversified media and Internet company with a broad portfolio of online brands. Its involvement suggests a strategic interest in Turo's platform and its potential within the broader digital and consumer services landscape.
Google Ventures
GV, formerly Google Ventures, is a venture capital firm that invests in technology companies across various stages. Their backing indicates a belief in Turo's technological innovation and market disruption potential within the transportation sector.
Kleiner Perkins
Kleiner Perkins is a prominent venture capital firm known for investing in early and growth-stage technology companies. Their participation highlights Turo's significant growth and potential for market leadership.
What's next for Turo?
With the recent influx of capital, Turo is poised to further solidify its market leadership and explore new avenues for growth. The strategic investment signals confidence from backers in Turo's long-term vision and its ability to navigate the evolving landscape of mobility. Future initiatives may include expanding its geographic reach, enhancing its technological infrastructure for a seamless user experience, and potentially diversifying its service offerings. The company's focus on innovation and customer satisfaction will be critical as it continues to scale its operations and compete in the dynamic transportation industry.
See full Turo company page
