Peer-to-peer car sharing platform Turo has recently raised $250 million in Series E, from media and internet company IAC, which was in charge of creating and growing company like Expedia, Match Group and Ticketmaster.
This late Series comes after the company raised $92 million dollar in 2017 from Mercedes-Benz manufacturer, Daimler, and one of South Korea’s largest conglomerates, SK Holdings, bringing Turo’s valuation to over one billion dollar.
Since 2017, the vibrant car-sharing community has been rapidly growing
And has now over 10 million sign-ups and nearly 400,000 registered vehicles shared worldwide, according to Turo’s blog post.
In his post, CEO Andre Haddad spoke about the community’s growth over the past two years. “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)”.
Haddad has previously spoken about Turo’s success, spending money on user acquisition and the early beginning during a previous talk he gave at a LebNet event in San Francisco. He advised the audience to obsess about conversions and be disciplined about data and team management.
“The car business is an 80 billion dollar market. There’s a lot of need for cars but what wasn’t clear back in 2011 was if anyone would be willing to share their car […] Throw yourself into something you are really passionate about and be engaged with the problem you are solving. It’s hard to have the long-term commitment during the ups and downs if there’s no real connection, if it’s not part of your life.”