What is Turo? Turo Review

Basic Introduction

Turo is a private car rental service provider based on the P2P sharing model. It was founded in 2010 and is headquartered in San Francisco by Shelby Clark. The car rental network operated by Turo connects local car owners and users with travel needs in more than 5,500 cities in the United States, Canada, the United Kingdom and Germany. Customers can rent cars online or through mobile applications.

Commission Charges

On the Turo platform, car owners and users set their own prices. Turo charges a 25% commission from each transaction. In addition, Turo also charges users a small service fee (10% of the total trip cost) and insurance fees (approximately 60% of users choose to purchase insurance).

Meaning of the name

Turo not only means traveling (touring), but also means sports car romantic journey (turismo) in Italian.

Financing

In December 2010, it received US$4.5 million in financing;

In June 2011, it completed a financing of US$1.3 million;

In June 2014, it received US$25 million in Series B funding;

In November 2015, RelayRides, the world's first P2P car rental platform, was officially renamed Turo, and announced the completion of a US$47 million Series C financing round led by legendary Silicon Valley investment firm Kleiner Perkins Caufield & Byers.

In September 2017, Turo, headquartered in San Francisco, USA, launched its Series D financing, receiving $92 million in investment. The co-lead investors were South Korean industry giant SK Holdings and automaker Daimler, and the participating investors included Google Ventures, Kleiner Perkins Caufield & Byers, August Capital, Canaan Partners, Foudners Circle Capital, Liberty Mutual Strategic Ventures, Shasta Ventures and Trinity Ventures.

In April 2018, completed a secondary market investment of US$5 million;

In July 2019, it received $250 million in Series E financing, jointly invested by Manhattan Venture Partners and Allen & Co. This round of financing will be used by the company to gain more market share.

In February 2020, Turo completed a $30 million financing round, with investors including Manhattan Venture Partners (MVP) and Allen & Company. Turo's total financing to date has reached $500 million. NFL star Larry Fitzgerald and rapper 2 Chainz both invested in Turo through MVP and became Turo's shareholders.

Development History

In April 2018, Turo announced a new program called Commercial Host, which is designed to enable independent car rental businesses that can provide commercial rental insurance to make their vehicles available through Turo.

References

• 1. Targeting the billion-dollar shared car rental market? US car rental company "Turo" completes $30 million in Series E financing: zaker [cited date 2020-02-09T16:00:00.000Z]