US-based peer-to-peer car rental service Turo revealed yesterday it has confidentially filed for an initial public offering that could provide exits for several corporate investors.
Turo has built an online platform which enables users across the United States, Canada and the UK to rent vehicles to each other. It has more than 14 million registered users and its platform lists some 450,000 vehicles.
The company’s most recent round was a series E that closed at $280m in February 2020 when investors including Allen & Company and Manhattan Venture Partners added $30m to the $250m supplied by digital media holding group IAC in mid-2019 at a valuation topping $1bn.
Turo’s first corporate funding was a $13m series A round in 2011, when it was still known as RelayRides. Automotive manufacturer General Motors’ GM Ventures unit took part in that round alongside GV – part of internet technology group Alphabet – August Capital and Shasta Ventures.
Trinity Ventures provided $10m to close Turo’s series B round at $35m in 2014, taking its overall funding to $54m. GV, August Capital, Shasta Ventures and Canaan Partners had put up the first tranche.
The company completed a $104m series D round in 2018 featuring conglomerates Sumitomo and SK Holdings, payment services firm American Express (through American Express Ventures), carmaker Daimler, insurance firm Liberty Mutual (through Liberty Mutual Strategic Ventures), Founders Circle Capital and unnamed existing investors.