US-based car sharing service Turo has raised $92m in a series D round co-led by car manufacturer Daimler and conglomerate SK Holdings, TechCrunch reported yesterday.
The round also featured Liberty Mutual Strategic Ventures, the corporate venturing unit of insurance provider Liberty Mutual, Founders Circle Capital, and unnamed, existing investors.
Following Daimler’s decision to invest, the two partners decided it would make sense for Turo to acquire Croove, Daimler’s corporate car sharing subsidiary launched in December last year. The two are currently working out the details as to how transition Croove’s operations to Turo.
Founded in 2008 as RelayRides, 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.
The company rebranded to its current name as part of a $47m series C round, led by Kleiner Perkins Caufield and Byers in 2015.
GV, the early-stage investment arm of diversified conglomerate Alphabet, contributed to a $35m series B round in 2014.
The round was led over two tranches, with GV, August Capital and Shasta Ventures participating in an initial close led by Canaan Partners in June 2014, before Trinity Ventures led a $10m extension the following August.
Car manufacturer General Motors led a $3m extension for Turo’s series A round in 2011, after it had already achieved an initial $10m close thanks to contributions from GV, August Capital and Shasta Ventures.