Turo operates a peer-to-peer car rental marketplace that lets private car owners list and rent their vehicles via its website and mobile app. The service is available in over 5,500 cities across the United States, Canada, the United Kingdom, and Germany. Launched in 2010, the platform has grown to more than 14 million members and over 450,000 listed vehicles. The company reports revenue growing over 60% year-over-year. Turo has raised institutional capital, including a multi-stage Series E, bringing its total funding to date to $500 million. Turo operates a peer-to-peer car-sharing marketplace that connects people who own cars with those who want to rent them. The company says it will use the new investment to fuel growth, further refine the customer experience, and support its mission of increasing utilization rates for the world’s cars. Turo reports almost 400,000 vehicles available on the platform and over 10 million users across both listers and renters. Management says overall growth has been roughly 2x over the past two years and about 8x in international markets, including the U.K. and Germany. In Germany it took over Daimler’s car-sharing business alongside a strategic investment deal and officially launched there last year. Since founding as Relay Rides in 2009, Turo has raised nearly $450M across multiple rounds. Turo operates a peer-to-peer car-sharing marketplace connecting car owners and renters. The company reports six million people on its platform sharing more than 230,000 cars worldwide. Turo recently closed a $104 million Series D, which comprises a $92 million raise earlier this year plus an additional $12 million investment from Sumitomo Corporation and American Express Ventures. It unveiled Commercial Host, a program to enable independent car rental businesses that can offer commercial rental insurance to list their vehicles on Turo. Turo said American Express’ strategic investment positions it within the travel ecosystem, while Sumitomo Corporation will provide guidance as it looks to expand into Asia, particularly Japan. The company is focused on expanding its impact in the automotive and travel industries. Turo operates a peer-to-peer car-sharing platform that enables individual vehicle owners and small rental fleet operators to offer cars for short-term rentals. The company builds strategic partnerships with insurers and automakers to support platform operations and growth. Recent moves include deeper ties with Liberty Mutual around insurance and a partnership with SK Holdings aimed at supporting international and Asia expansion. Turo also executed an acquisition of Croove, Daimler’s Germany-launched peer-to-peer car-sharing business, and plans to transition Croove users to the Turo brand. Financially, Turo closed a $92M Series D that underpins these strategic initiatives and partnerships. The funding and acquisition are being positioned to accelerate international rollout and OEM collaboration while maintaining an open marketplace model. Turo (formerly RelayRides) operates a peer-to-peer marketplace connecting car owners with renters, typically requiring a one-day minimum and with an average rental length of 5.5 days. The platform emphasizes owner–renter meetups for inspection and trust, while also testing valet services at SFO and LAX as a complementary option. About 60% of its revenue comes from out-of-town travelers renting cars from owners who are themselves traveling. The company generates revenue from three streams: a 25% cut from owners, a 10% fee from renters, and optional insurance add-ons (about 60% of renters opt in). Turo says its user base grew 3.5x year-over-year, operates with roughly 110 employees, and remains unprofitable. The company plans international expansion next year and intends to use capital to increase marketing and hiring as it pursues a larger share of the global car rental market.

Total raised

$605M

Funding rounds

13

Latest round

Series E

Latest activity

Feb 2020