Daimler, SK, join the Turo family
It’s with great pleasure and a deep sense of honor that I announce today that Turo has raised $92 million in Series D funding! The round was co-led by Mercedes-Benz manufacturer, Daimler, and one of South Korea’s largest conglomerates, SK Holdings, bringing invaluable strategic guidance as we gear up to expand farther into Europe and Asia.
From Daimler, Turo will acquire Croove, the leading peer-to-peer car sharing marketplace in Germany. Croove has proven that car sharing is poised for greatness in Germany, and we’re excited to turbocharge the growth of the German market in partnership with the revered and seasoned Daimler brand. Additionally, we look forward to partnering with SK to build a strong foundation for the future, when peer-to-peer car sharing launches in Asia. Daimler and SK are joined by two new investors, Liberty Mutual Strategic Ventures and Founders Circle Capital.
Our community will benefit from our international growth in the coming weeks and months — with business already bustling across the US, Canada, and the UK, we look forward to launching Turo in Germany in the next year.
In addition to international expansion, we will also focus on strengthening our insurance capabilities with the help of Liberty Mutual Strategic Ventures. We plan to invest capital from the Series D in enhancing the customer experience for both hosts and travelers, and growing the Turo brand into a household name globally.
I’m humbled and honored to have witnessed the tremendous growth of our business and our community over the last several years — from the company’s early days through our rebrand to Turo, the team has made tremendous strides in building a marketplace that’s strong, sophisticated, and safe. In the nearly two years since our Series C round, Turo has quadrupled in signups and vehicle listings, growing our community to over four million strong with over 170,000 vehicles available to share around the world. We’ve accomplished so much, yet have so much more to do.
I’m very pleased to welcome our new investors to the Turo family, who join our existing investors in fueling Turo’s mission to put the world’s one billion cars to use. We’re thrilled to have them by our side as we continue to reshape car ownership and travel worldwide.
And to our community, thank you for joining us on this journey — we can’t wait to drive into the future with you!