Total amount raised
$574M
Latest funding date
2023-03-15
Location
Turo, the world's largest peer-to-peer car-sharing marketplace, has attracted significant venture capital investment across multiple funding rounds. With backing from prominent investors including IAC, Kleiner Perkins, G Squared, and GV (Google Ventures), Turo has raised over $500 million to fuel its growth and global expansion.
Keep reading to explore Turo's fundraising journey and key investors.
Turo, the world's largest peer-to-peer car-sharing marketplace, has attracted significant venture capital investment across multiple funding rounds. With backing from prominent investors including IAC, Kleiner Perkins, G Squared, and GV (Google Ventures), Turo has raised over $500 million to fuel its growth and global expansion.
Keep reading to explore Turo's fundraising journey and key investors.
What Is Turo?
Turo is a peer-to-peer car-sharing marketplace that connects car owners (hosts) with people looking to rent vehicles. Founded in 2009 as RelayRides and rebranded as Turo in 2015, the platform operates in the United States, Canada, the United Kingdom, Australia, and France. Hosts can list their personal vehicles for rent, and renters can choose from a wide variety of cars — from everyday vehicles to luxury and exotic models. Turo is headquartered in San Francisco, California.
How Much Funding Has Turo Raised?
Turo has raised funding across multiple rounds totaling over $500 million. Below is a breakdown of its key disclosed funding rounds:
- Seed / Early Rounds (2009–2011)
- Amount Raised: Approx. $15.4M across early rounds
- Dates: 2009–October 2011
- Lead Investors: Google Ventures, August Capital, Shasta Ventures, GM Ventures
- Notes: RelayRides (now Turo) received initial backing from Google Ventures and August Capital, with GM Ventures joining in October 2011 alongside Shasta Ventures.
- Series B (June 2014)
- Amount Raised: USD 25,000,000
- Date: June 2014
- Lead Investors: Canaan Partners
- Other Investors: August Capital, Google Ventures, Shasta Ventures
- Series B Extension (August 2014)
- Amount Raised: USD 10,000,000
- Date: August 2014
- Lead Investors: Trinity Ventures
- Series C (November 2015)
- Amount Raised: USD 47,000,000
- Date: November 2015
- Lead Investors: Kleiner Perkins (formerly Kleiner Perkins Caufield & Byers)
- Other Investors: August Capital, Canaan Partners, Google Ventures, Shasta Ventures, Trinity Ventures
- Notes: Announced alongside the company's rebrand from RelayRides to Turo.
- Series D (September 2017)
- Amount Raised: USD 92,000,000
- Date: September 2017
- Lead Investors: Daimler (Mercedes-Benz), SK Holdings
- Other Investors: Liberty Mutual Strategic Ventures, Founders Circle Capital, August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures, Shasta Ventures
- Series D Extension (April 2018)
- Amount Raised: USD 12,000,000
- Date: April 2018
- Investors: Sumitomo Corporation, American Express Ventures
- Notes: Brought the total Series D to approximately $104M, with total funding reaching $205M at that time.
- Series E (July 2019)
- Amount Raised: USD 250,000,000
- Date: July 2019
- Lead Investors: IAC
- Notes: Pushed Turo past a $1 billion valuation, making it a unicorn. IAC became the largest shareholder.
- Series E Extension (February 2020)
- Amount Raised: USD 30,000,000
- Date: February 2020
- Lead Investors: Manhattan Venture Partners, Allen & Company
- Notes: Brought total funding to approximately $500M at that time.
- Series F (April 2022)
- Amount Raised: USD 35,000,000
- Date: April 2022
- Lead Investors: Undisclosed
- Secondary Market Round (March 2023)
- Amount Raised: USD 67,500,000
- Date: March 2023
- Lead Investors: G Squared
- Notes: G Squared purchased shares from SK Holdings, acquiring a secondary stake and becoming the second-largest shareholder in Turo.
Total Amount Raised: At least $573.9M based on disclosed funding rounds.
Key Investors
- IAC
- Details: IAC is a leading internet and media company (NASDAQ: IAC) whose portfolio includes Ticketmaster, Expedia, Match Group, and Tinder. IAC led Turo's $250M Series E in July 2019, becoming the largest shareholder with a roughly 31% stake.
- Kleiner Perkins
- Details: Kleiner Perkins is a prominent Silicon Valley venture capital firm with investments in Google, Amazon, and Twitter. The firm led Turo's $47M Series C in November 2015 and has remained an ongoing investor.
- G Squared
- Details: G Squared is a growth-stage venture capital firm specializing in technology companies. G Squared led the March 2023 Secondary Market round of $67.5M, purchasing SK Holdings' stake and becoming the second-largest shareholder in Turo.
- GV (Google Ventures)
- Details: GV is the venture capital arm of Alphabet (Google's parent company). GV was one of Turo's earliest institutional investors, participating in rounds dating back to 2010–2011 when the company was still known as RelayRides.
- Daimler / Mercedes-Benz
- Details: Daimler, the manufacturer of Mercedes-Benz vehicles, co-led Turo's $92M Series D in September 2017. The investment accompanied Turo's acquisition of Croove, Daimler's peer-to-peer car-sharing marketplace in Germany.
- Manhattan Venture Partners
- Details: Manhattan Venture Partners (MVP) co-led the $30M Series E extension in February 2020, bringing notable athlete and celebrity investors such as Larry Fitzgerald, 2 Chainz, Victor Oladipo, and Malcolm Jenkins into the cap table.
What's Next for Turo?
Turo has been preparing for a public offering for several years. The company has filed S-1 documents with the SEC multiple times, with the most recent S-1/A filed in June 2023. However, an IPO date has not been confirmed as of the latest available information. Turo continues to expand its marketplace, grow its host community, and develop new features to enhance both the host and renter experience. As the company moves toward a potential IPO, it will likely continue to invest in platform improvements, international expansion, and brand awareness.
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