The round, which brings the company’s total funding to $193m, was led by Daimler and SK Holdings, with participation from Liberty Mutual Strategic Ventures and Founders Circle Capital and existing investors August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures and Shasta Ventures. In conjunction with the funding, Jan-Michael Graef, CFO at Daimler CASE organization and SK Holdings VP of Portfolio Management, Jungho Shin, join Turo’s board of directors.
The company, which will also acquire Croove, a peer-to-peer car sharing marketplace in Germany, from Daimler, intends to use the funds to expand abroad, deepen its expertise in insurance, enhance the customer experience on both sides of the marketplace, boost customer acquisition and grow the Turo brand globally.
The acquisition of Croove provides an immediate opportunity to expand its presence from existing international markets in Canada and the UK to Germany and more broadly into Europe. Funding co-lead SK Holdings will also provide strategic support and insights as Turo considers expansion into South Korea and other Asian markets.
Led by CEO Andre Haddad, Turo is a car sharing marketplace where local car owners provide travelers with vehicles for their next trip. Travelers from around the world can choose from a selection of cars and car owners can earn extra money.
Currently, the company has over four million users, adding more than one million in the last four months alone, and has over 170,000 cars listed.
FinSMEs
06/09/2017