by

posted on July 17th, 2019

THE LEADING INTERNET & MEDIA COMPANY INVESTS IN THE FUTURE OF MOBILITY

I’m incredibly excited to announce that Turo has raised $250 million in Series E funding from visionary internet and media holding company, IAC (NASDAQ: IAC), further strengthening our position as the global peer to peer car sharing leader. This latest round of funding brings Turo past the billion-dollar valuation mark — a milestone I couldn’t be prouder of as I reflect on the years of hard work by the devoted Turo team and, of course, the amazing Turo community.

This fresh flood of funding will help us invest further in growth and refining the customer experience, to get us ever closer to our mission of putting the world’s one billion cars to better use, and our vision that wherever in the world you are, you can find the perfect vehicle for your next adventure from a trusted Turo host. 

Turning Turo into a household name

IAC has a proven track record of creating and successfully growing companies — including Ticketmaster, Expedia, Match Group, and ANGI Homeservices (parent to HomeAdvisor, Angie’s List, and Handy) — as well as jumpstarting burgeoning brands and transforming them into household names (like Tinder and Vimeo). We couldn’t be more invigorated and ready to push Turo into the same stratosphere as these esteemed brands, and to work closely with our new strategic partners to grow the Turo brand and business to new heights.

Since our last fundraise in 2017, Turo’s rapid growth, proven business model, and strong execution has firmly found its footing in the evolving mobility landscape. The old world of mobility consisted of individual car ownership, and maybe some public transportation sprinkled in major metro areas. The new world of mobility, however, has more options than ever —  book a car for a weekend trip or a vacation to faraway lands, rent a bike to commute to work or simply hail a ride to go home — all from the convenience of your phone. Turo is at the epicenter of this evolving mobility landscape, attracting lots of interest from savvy investors, and we are delighted to partner with IAC, a company who shares our vision for this culture-shifting transformation.  

Onward and upward!

As our community knows, Turo has been on a tear for years — growing 2x year-over-year the past two years, and 8x year-over-year in our nascent international markets (the UK and Germany). The vibrant car sharing community of Turo hosts and guests has blossomed to over 10 million, with nearly 400,000 vehicles being shared worldwide, proving peer-to-peer car sharing is here to stay. We’re honored to be at the forefront of this important industrial and cultural phenomenon. 

To our growing global Turo community — thank you so much for your support and commitment over the years. Were it not for your innovation, your savviness, and your pioneering mindsets, Turo simply wouldn’t be what it is today. 

Andre is the Turo CEO and a true car enthusiast. After many years in the consumer web space, he combines his passion for cars, technology, and the environment each day at Turo as he works to put the world’s one billion cars to better use.