Turo

Transportation

Founded: 2009

Last Round Valuation: $1.15B

Turo is a collaborative vehicle-sharing platform created to empower travelers in reserving car rentals from reliable local car owners. Turo hosts throughout the United States, Canada, and the United Kingdom have the opportunity to generate income by renting out their personal vehicles when not in use. Founded by Shelby Clark in 2009, this company, previously named RelayRides, is based in San Francisco, CA.

Turo Overview:

Turo is a peer-to-peer car-sharing platform that revolutionizes the traditional car rental industry. It enables travelers to easily book car rentals directly from local car owners, providing a more personalized and convenient experience. Turo operates in several countries, including the United States, Canada, and the United Kingdom, offering a wide range of vehicles to suit various needs and preferences.

The concept behind Turo is simple yet powerful: car owners can list their vehicles on the platform and earn money by renting them out to other users when they're not using the cars themselves. This allows car owners to offset the costs of car ownership and make efficient use of their vehicles. On the other hand, travelers can choose from a diverse selection of cars and enjoy the flexibility and affordability of renting directly from individuals rather than traditional car rental companies.

The Turo platform provides a user-friendly interface that facilitates seamless booking, communication, and payment processes between car owners and renters. Users can browse through available listings, filter their search based on specific criteria such as location, vehicle type, and price range, and easily book the desired car for their desired rental period. Turo also offers various insurance options to ensure a secure and worry-free rental experience for both parties involved.

One of the key advantages of Turo is the wide variety of vehicles available for rental. From budget-friendly economy cars to luxury and specialty vehicles, Turo offers a diverse selection that caters to different tastes and preferences. This not only provides travelers with more options but also allows car owners to share unique and high-value vehicles with others.

Since its founding in 2009 by Shelby Clark, Turo has grown significantly and established itself as a leader in the peer-to-peer car-sharing industry. The company has expanded its presence in multiple countries, attracting a large user base of both car owners and renters. Turo's innovative approach to car rental has disrupted the traditional model, empowering individuals to make the most of their vehicles and offering travelers a more personalized and flexible alternative to traditional car rental services.

Founders:

  • Shelby Clark

Top Investors:

  • Kleiner Perkins

  • August Capital

  • Canaan Partners

  • Shasta Ventures

  • Google Ventures (now known as GV)

Funding History:


Date Share Type Amount Raised Raised to Date Issue Price Post Money Valuation Key Investors
Feb 2020 Series E $240.52MM $456.06MM $5.07 $1.15B IAC, Manhattan Venture Partners, Allen & Co.
Feb 2020 Series E-1 $41.5MM $257.04MM $3.80 $1.15B IAC, Manhattan Venture Partners, Allen & Co.
Mar 2018 Series D-1 $5MM $215.54MM $4.67 $695.2MM Daimler, SK Group, Liberty Mutual Strategic Ventures
Sep 2017 Series D $112.96MM $210.54MM $4.67 $695.2MM Daimler, SK Group, Liberty Mutual Strategic Ventures
Nov 2015 Series C $44.81MM $97.58MM $2.39 $294.84MM Kleiner Perkins Caufield & Byers, August Capital, Canaan Partners
Aug 2014 Series B $34.2MM $52.77MM $1.05 $109.44MM Trinity Ventures, Canaan Partners, Maniv Mobility
Sep 2013 Series A-2 $13.26MM $18.57MM $0.57 $39.9MM Expansion Venture Capital, Norwest Venture Partners, Webb Investment Network
May 2011 Series A $5.31MM $5.31MM $0.45 $11.8MM August Capital, Fontinalis Partners, GV

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