US-based car sharing service Turo, backed by automotive company General Motors and conglomerate Alphabet, has raised $47m in a series C round led by Kleiner Perkins Caufield & Byers, Techcrunch reported yesterday.
The company was previously known as RelayRides but rebranded as part of its series C fundraising, which will support the company’s plans for an international expansion.
Founded in 2008, Turo operates a peer-to-peer car sharing marketplace for drivers to lease vehicles from private car owners. The company requires a minimum rental time of one day.
Turo has been increasingly focusing on users who lease their cars to other drivers that arrive in town by airplane while the owners themselves are travelling. The company claims more than 60% of its revenue is now being generated by these drivers.
Turo has now raised approximately $101m, including a June 2014 series B round backed by Google Ventures, the corporate venturing arm of Alphabet, Canaan Partners, which led the round, August Capital and Shasta Ventures. Trinity Ventures led a $10m extension for the round in August 2014, closing it at $35m.
General Motors led a $3m extension for Turo’s series A round in 2011, which then closed at $13m. Google Ventures, August Capital and Shasta Ventures also backed the series A round.