Total amount raised
$474.9 Million
Latest funding date
7/1/2019
Location
Turo has successfully raised funds over 13 rounds, with the latest being a Secondary Market round led by G Squared. The company is backed by 33 investors, including recent ones like Trevor Paladino and Irving Investors.
Keep reading to explore the intricacies of Turo's fundraising journey and the investors backing this innovative car-sharing platform.
What Is Turo?
Turo is a peer-to-peer car-sharing marketplace where customers can book vehicles from a community of local hosts. Based in San Francisco, California, the company operates within the car-sharing, marketplace, and transportation industries. Turo's employee count ranges between 501-1000.
Founded to reimagine car rentals, Turo allows users to rent cars directly from car owners, bypassing traditional rental car counters. The platform offers a wide range of vehicles, from everyday cars to luxury models, available in various locations across the United States and internationally.
How Much Funding Has Turo Raised?
- Round Name: Series A
- Amount Raised: USD 1,250,000
- Date: October 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial market presence and develop the platform.
- Round Name: Series A
- Amount Raised: Not publicly disclosed
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance platform features.
- Round Name: Series B
- Amount Raised: USD 25,000,000
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Round Name: Series C
- Amount Raised: USD 47,000,000
- Date: November 2015
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and improve technology infrastructure.
- Round Name: Series D
- Amount Raised: USD 104,000,000
- Date: September 2017
- Lead Investors: SK Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance customer experience and expand internationally.
- Round Name: Secondary Market
- Amount Raised: USD 5,000,000
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Round Name: Series E
- Amount Raised: USD 250,000,000
- Date: July 2019
- Lead Investors: IAC
- Valuation at Round: Over USD 1 billion
- Motivation Behind the Round: To fuel growth, improve customer experience, and achieve household name status.
- Round Name: Series E
- Amount Raised: USD 30,000,000
- Date: February 2020
- Lead Investors: Allen & Company, Manhattan Venture Partners (MVP)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance technological capabilities.
- Round Name: Series Unknown
- Amount Raised: USD 35,167,273
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and market expansion.
- Round Name: Secondary Market
- Amount Raised: USD 67,500,000
- Date: March 2023
- Lead Investors: G Squared
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Turo has raised a total of USD 795,917,273. The current valuation is over USD 1 billion.
Key Investors
- G Squared
- Details: G Squared is a venture capital firm that has been a lead investor in multiple Secondary Market funding rounds for Turo. They focus on investing in high-growth technology companies.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Not publicly disclosed
- Allen & Company
- Details: Allen & Company is a private investment firm known for its involvement in media and technology sectors. They participated in Turo's Series E funding round.
- Investment Focus Areas: Media, technology, communications
- Notable Investments: Not publicly disclosed
- Manhattan Venture Partners (MVP)
- Details: Manhattan Venture Partners is a research-driven merchant bank specializing in secondary market transactions. They were key investors in Turo's Series E round.
- Investment Focus Areas: Technology, fintech, consumer internet
- Notable Investments: Not publicly disclosed
- IAC (InterActiveCorp)
- Details: IAC is an internet media company known for owning and spinning out popular dating sites like Match.com and OkCupid. They led Turo's Series E funding round.
- Investment Focus Areas: Internet media, online services, social networking
- Notable Investments: Match.com, OkCupid
- SK Holdings
- Details: SK Holdings is a South Korean conglomerate with diverse business interests, including energy, telecommunications, and technology. They were a lead investor in Turo's Series D round.
- Investment Focus Areas: Energy, telecommunications, technology
- Notable Investments: Not publicly disclosed
What's Next for Turo?
As Turo continues to expand its car-sharing platform, the opportunities are vast. With nearly 400,000 vehicles and over 10 million users, the company is poised to leverage its partnership with IAC to achieve household name status. The growing preference for peer-to-peer car-sharing and the dissatisfaction with traditional car rentals present a significant market for Turo to tap into.
Future fundraising opportunities seem promising, given the company's rapid growth and the substantial investment from IAC. These funds could be used to scale operations, enhance customer experience, and expand into new international markets. However, Turo will need to navigate challenges such as competition from traditional car rental companies, regulatory hurdles, and maintaining high customer satisfaction as it scales.
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