US-based vehicle-sharing platform Turo yesterday picked up $250m in series E capital from internet and media holding group IAC, pushing the company’s valuation beyond $1bn.
Originally known as RelayRides, Turo operates an online marketplace for users to lease their cars to others for short periods of time.
The service, which has grown to nearly 400,000 vehicles and some 10 million users, is available in more than 5,500 cities across the US, Canada, Germany and the UK.
The series E money will be put towards business growth and customer experience as the company hopes to tap into IAC’s expertise to become a globally recognised brand.
Turo has now raised a total of $458m in funding. Diversified conglomerate Sumitomo and American Express Ventures, a subsidiary of payment services firm American Express, supplied a $12m series D extension to close the round at $104m in April 2018.
The initial $92m series D tranche came from carmaker Daimler, conglomerate SK Holdings and Liberty Mutual Strategic Ventures, the corporate venturing arm of insurer Liberty Mutual, as well as Founders Circle Capital and unspecified existing backers in 2017.
GV, an early-stage corporate venturing subsidiary of diversified conglomerate Alphabet then known as Google Ventures, contributed to a $13m series A round in 2011 together with automotive manufacturer General Motors, August Capital and Shasta Ventures.
GV returned for a $35m series B round closed in 2014, again investing together with August Capital and Shasta Ventures, as well as Canaan Partners and Trinity Ventures.
