California based car sharing marketplace Turo has confirmed raising $250 million in Series E financing led by New York based media firm IAC. The current capital infusion in the firm helps the company go past a billion-dollar valuation mark.
The last investment for Turo came in April last year when it secured a $5 million capital. The current funding takes the total amount raised by the company to $437.4 million. SharesPost Investment Management, American Express Ventures, August Capital, Trinity Ventures, Daimler, Canaan Partners, Shasta Ventures, Kleiner Perkins are the other backers in the company.
Turo was founded in 2009 by Shelby Clark as a peer-to-peer car-sharing marketplace allowing the users to rent any car, anytime they want. The firm claims to have more than 2 million car owners and travelers on its platform. Turo has its presence in the major U.S cities like Las Vegas, Denver, Los Angeles, Orlando, San Diego, San Francisco, Atlanta, and Miami. It also has made a mark in Canada, the UK, and Germany.
Joey Levin, the CEO at IAC is set to join the board of Turo as part of the investment. Commenting on the funding through a statement Lein said, “Turo has the incredible scale and is benefiting from clear network effects in a very large market where consumers want better, more tailored experiences — perfect for IAC. Just as we’ve seen with travel, dating, and home services, technology is accelerating a shift in the transportation space as the economics of car ownership change and the more than $60 billion global car rental market faces disruption and expansion with peer-to-peer car-sharing services like Turo taking hold.”
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