Turo welcomes investors Amex Ventures & Sumitomo, announces Commercial Host program
Today, we’re celebrating two major mile markers. First, we’re thrilled to welcome Sumitomo Corporation and American Express Ventures to the Turo family! Their investments have brought our Series D total to $104 million, and they promise to be invaluable additions to Turo’s amazing roster of strategic investors. Second — and probably the most important for you as you plan your summer travels — we are launching our Commercial Hosts program, which will allow us to turbocharge our global footprint by making Turo available to independent car rental entrepreneurs throughout the world.
Welcome to the Turo family, Amex Ventures and Sumitomo Corporation!
Like the strategic partners we have welcomed to Turo in the past, Amex Ventures and Sumitomo are ideally suited to help us achieve our mission of putting the world’s one billion cars to better use. Both new partners boast extensive experience in the global travel industry, experience that will help us to continue to enhance Turo’s product offering, delight travelers, and grow worldwide.
As a company that is intensely focused on enabling its customers to have unique travel experiences, American Express’ strategic investment positions us well within the travel ecosystem. Sumitomo Corporation will help provide guidance as we look to expand to Asia, particularly Japan. We welcome and expect to learn from their expertise in global marketing and customer service as Turo continues to make a huge impact in the automotive and travel industries.
We continue to make tremendous strides in building a marketplace that’s strong, sophisticated, and safe. Our community is now nearly six million strong and shares over 230,000 vehicles around the world. While we’ve accomplished so much, we still have so much more to do. We couldn’t have added better partners in Amex Ventures and Sumitomo to help us achieve our lofty goals.
The world is your oyster
Thanks to a vibrant community of hosts of all shapes and sizes sharing their cars to offset the cost of car ownership, Turo is now a global community of nearly six million. In the spirit of welcoming entrepreneurs of all sizes to join the Turo marketplace, we’re excited to announce our new global Commercial Host program.
Our Commercial Host program not only expands our footprint worldwide, giving travelers access to cars wherever their journey takes them, but it provides Commercial Hosts — small independent car rental entrepreneurs who are able to offer commercial rental insurance to their guests — the ability to offer their cars to our rapidly growing global community.
Commercial Hosts and guests alike have been quick to make use of this new offering — I’m pleased to share that we’ve seen the world map light up with Turo listings in 56 countries across six continents. In preparation for the busy summer travel season, we proactively reached out to independent Commercial Hosts to curate supply in some of the hottest tourist destinations on Earth, including Australia, Iceland, Rome, Milan, Paris, Amsterdam, Madrid, Barcelona, and Mexico City.
As an added bonus, our Commercial Host program is providing invaluable insights into where we should launch our next international peer-to-peer community.
The road ahead
It’s a privilege to have seen our marketplace grow from just two cities at the beginning of 2012, to a truly global marketplace today. Needless to say, today’s announcement is a major step toward achieving our vision that wherever you are, you can book the perfect vehicle for your next adventure from a trusted Turo host. As we welcome Amex Ventures and Sumitomo Corporation to the Turo family, we say thank you to our wonderful community across the world for joining us on this amazing adventure!