Global peer-to-peer car sharing group Turo has raised $250 million in funding from the internet and media holding company, IAC. This latest round of funding values Turo at around the billion-dollar valuation mark.
Turo operates in over 5,500 cities across the U.S, Canada, the UK, and Germany. Its network of users has grown to over 10 million, with nearly 400,000 vehicles being shared worldwide.
Andre Haddad, Turo’s CEO, writes: ‘This fresh flood of funding will help us invest further in growth and refining the customer experience, to get us ever closer to our mission of putting the world’s one billion cars to better use, and our vision that wherever in the world you are, you can find the perfect vehicle for your next adventure from a trusted Turo host’.
He adds: ‘The old world of mobility consisted of individual car ownership, and maybe some public transportation sprinkled in major metro areas. The new world of mobility, however, has more options than ever — book a car for a weekend trip or a vacation to faraway lands, rent a bike to commute to work or simply hail a ride to go home — all from the convenience of your phone. Turo is at the epicenter of this evolving mobility landscape’.
Among many other digital channels, IAC operates Vimeo and Dotdash, and also has majority ownership of both Match Group, which includes Tinder and Match.