US-based car-sharing service Turo raised $30m on Wednesday to take a series E round already backed by internet and media holding group IAC to $280m.
The additional capital came from merchant bank Manhattan Venture Partners (MVP), on behalf of multiple private investors from the sports and music industries, as well as investment bank Allen & Company and unnamed additional backers. IAC provided the first $250m at a valuation of more than $1bn in July 2019.
Turo maintains an online marketplace where car owners can lease out their vehicles to other users on a short-term basis. It has attracted some 10 million users to date and currently lists nearly 400,000 vehicles across the US, Canada, the UK and Germany.
The extra funding will help the company accelerate its growth. It has now secured approximately $488m in since it was founded as RelayRides in 2010.
Diversified conglomerate Sumitomo and American Express Ventures, the corporate venturing subsidiary of payment services provider American Express, invested $12m in the company to close its series D round at $104m in 2018.
Automotive manufacturer Daimler, conglomerate SK Holdings and Liberty Mutual Strategic Ventures, the corporate venture capital unit of insurance firm Liberty Mutual, supplied the the first $92m for the round in 2017 alongside Founders Circle Capital and unnamed existing backers.
Turo raised $35m in a 2014 series B round that included GV, one of internet and technology conglomerate Alphabet’s corporate venturing subsidiaries, in addition to August Capital, Shasta Ventures, Canaan Partners and Trinity Ventures.
GV had already participated in the company’s $13m series A round in 2011 alongside carmaker General Motors, August Capital and Shasta Ventures.
Image courtesy of Turo.
