Turo has successfully raised $474.9 million over eight funding rounds, achieving a valuation of over $1 billion. The platform is a peer-to-peer car rental marketplace, offering a variety of services for both car owners and renters.
Keep reading to explore the intricacies of Turo's fundraising journey and the investors backing this innovative platform.
What Is Turo?
Turo, founded by Shelby Clark, is a peer-to-peer car rental marketplace that allows users to rent cars directly from local car owners. The company was established in 2010 and is headquartered in San Francisco, California.
Operating in the US, Canada, the UK, France, and Australia, Turo offers a unique selection of vehicles for various occasions. The platform enables car owners to earn extra income by renting out their cars to a community of users.
With a workforce of 501-1000 employees, Turo continues to innovate in the sharing economy and travel industry, providing a seamless car rental experience for both hosts and guests.
How Much Funding Has Turo Raised?
- Series A Round
- Amount Raised: $3 million (additional funding, making the total $13 million)
- Date: October 26, 2011
- Lead Investors: General Motors Ventures
- Motivation Behind the Round: To integrate RelayRides with GM's OnStar system, allowing users to unlock cars remotely using their mobile phones, and to expand the service area to more cities.
- Series B Funding Round
- Amount Raised: $25 million
- Date: June 24, 2014
- Lead Investors: Canaan Partners
- Motivation Behind the Round: To raise brand awareness, invest in product development, and expand the service, potentially outside the U.S.
- Series C Funding Round
- Amount Raised: $47 million
- Date: November 3, 2015
- Lead Investors: Kleiner Perkins Caufield & Byers
- Motivation Behind the Round: To support the rebranding effort, expand globally, and compete with traditional car rental companies.
Total Amount Raised: $75 million
Current Valuation: Over $1 billion
Key Investors
- Kleiner Perkins Caufield & Byers
- Details: Kleiner Perkins is a venture capital firm based in Silicon Valley, known for its investments in early-stage and growth companies. The firm has a history of backing transformative companies in the technology and life sciences sectors.
- Investment Focus Areas: Technology, life sciences, clean energy
- Notable Investments: Amazon, Google, Twitter
- Canaan Partners
- Details: Canaan Partners is a venture capital firm that invests in early-stage technology and healthcare companies. The firm has a diverse portfolio and a strong track record of successful exits.
- Investment Focus Areas: Fintech, healthcare, enterprise software
- Notable Investments: LendingClub, Match.com, Ebates
- August Capital
- Details: August Capital is a venture capital firm that focuses on early-stage technology companies. The firm has been involved in the growth of several major tech companies over the years.
- Investment Focus Areas: Software, IT infrastructure, consumer internet
- Notable Investments: Microsoft, Sun Microsystems, Seagate
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital investment arm of Alphabet Inc. The firm invests in a wide range of industries, leveraging Google's resources and expertise.
- Investment Focus Areas: Technology, life sciences, clean energy
- Notable Investments: Uber, Nest, Slack
- Shasta Ventures
- Details: Shasta Ventures is a venture capital firm that invests in early-stage technology companies. The firm is known for its focus on innovative startups in various tech sectors.
- Investment Focus Areas: Enterprise software, consumer services, connected hardware
- Notable Investments: Anaplan, Nextdoor, Mint.com
What's Next for Turo?
Turo's future looks promising with opportunities to expand into international markets and capture the growing demand for peer-to-peer car rentals. The global car rental market, valued at nearly $80 billion, offers significant potential for Turo to grow its user base and enhance its service offerings, such as valet services at major airports.
To capitalize on these opportunities, Turo may seek additional funding rounds to support its ambitious expansion plans. However, the company will need to navigate challenges such as competition from other car-sharing services and regulatory hurdles in new markets. Building trust between car owners and renters will also be crucial for sustained growth.
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