Turo

Turo is a car rental marketplace where travellers can rent cars from a community of local car owners across 5,500+ cities in 56 countries. Travellers choose from a selection of nearby cars, while car owners earn extra money.

Since its launch in March 2012, Turo has built a community of over 14 million owners and travellers and around 450,000 cars. Owners are able to make hundreds – or even thousands – of dollars a month by renting out their cars, whilst renters have access to vehicles at prices up to 40% lower than other car rental options.

In 2018 Turo took over Daimler's car-sharing business alongside a strategic investment deal.

As of 2019, Turo offer a monthly base rate plus a per mile rate covering only the miles they drive themselves. To track this, Turo has partnered with Metromile to leverage its Pulse device, along with their own calendar, so that Metromile can separate personal miles from miles driven on Turo guest trips. The offering will initially launch in Illinois and will then roll out across California, Washington, Oregon, Virginia, New Jersey, Arizona, and Pennsylvania.

In July 2019 Turo raised a $250m Series E round of funding from IAC, achieving a $1bn valuation and securing unicorn status. The company stated the money would be used to fuel growth, further improve customer experience and widen its network of available cars. In February 2020 Turo raised a further $30m to its Series E. The company also revealed its revenue is growing more than 60% YoY.

Backed by top-tier investors, including August Capital, Google Ventures, Shasta Ventures, Canaan Partners, and Trinity Ventures, Turo is currently available in 2100+ cities and 300+ airports throughout the United States.