IAC to Invest $250m in Turo
IAC and Turo have announced that IAC has agreed to invest $250m in Turo, the world’s largest peer-to-peer car sharing marketplace. IAC’s capital will accelerate Turo’s growth and strengthen its global leadership position. With this investment, IAC will become the largest shareholder in Turo with rights to expand its ownership over time.
We're excited to announce that visionary internet and media holding company IAC has invested $250 million in Turo, strengthening our position as the global car sharing leader. Thank you to the global Turo community for your support!https://t.co/C0Tyuv3kxY
— Turo (@turo) July 17, 2019
“We like marketplaces. Turo has incredible scale and is benefiting from clear network effects in a very large market where consumers want better, more tailored experiences – perfect for IAC. Just as we’ve seen with travel, dating and home services, technology is accelerating a shift in the transportation space as the economics of car ownership change and the more than $60 billion global car rental market faces disruption and expansion with peer-to-peer car sharing services like Turo taking hold. Turo has built the best product and proven out the model, and only just begun to penetrate the market. We’re excited to back Andre and the winning team at Turo, and hopefully this investment is a good start.” – Joey Levin, CEO of IAC.
Turo continues to gain momentum since its last round of funding nearly two years ago and now has a vibrant community of over 10 million members and nearly 400,000 listed vehicles. Turo has been growing 2x year-over-year the past two years, with its newest international markets (UK and Germany) growing even faster at 8x year-over-year.
“We are thrilled to have IAC as a partner. IAC wrote the script on how to build and scale marketplace businesses and we look forward to their active involvement. We are proud to welcome IAC to the Turo family and aid in our mission of putting the world’s one billion cars to better use.” – Andre Haddad, CEO of Turo.
As part of the deal, IAC CEO Joey Levin will join Turo’s Board of Directors. IAC’s investment brings the company’s total funding to $470 million. Turo plans to invest capital from IAC to help accelerate growth and refine the customer experience.
Bottom Line: Note the insurer on the landing page (and the fact that Coverager Research members enjoy access to vehicle subscription brands and their insurer partners.)
