You are here

Turo Raises $12 Million; Aims to Grow Internationally

Share:

Turo, a San Francisco-based startup that enables car owners to lease their own vehicles, today extended its platform to incorporate “commercial” postings from small rental-auto organizations in 56 nations. Turo likewise said it had expanded its series D funding to $104 million, from $92 million in September 2017, because of speculations from American Express Ventures and Sumitomo Corporation, a Japanese aggregate.

This is the most recent in a progression of several CASE (connected, autonomous, sharing and electrified) technology related ventures from SCOA, who supported auto and fleet technology corporates in 2017, including Veritread, Transfix, Hyliion, Rivian, and, as of late, ActiveScaler. Cooperation in these CASE advances is a key strategy as the organization realigns its plan of action to help the changing scene of the car business.

“Sumitomo has a great deal of experience in this space, having operated Sumitomo Mitsui Auto Service’s fleet platform, which is #1 in Japan,” said Sam Kato, Executive Officer, General Manager of the Automobility Division, Sumitomo Corporation.  “We believe Turo’s platform will be a game-changer for the future of auto ownership and utilization, and we look forward to using our unique insight into the Asian marketplace to expand this offering.”

Established in 2009, Turo is an auto-sharing marketplace where travelers can lease any auto they need, wherever they need it, from a dynamic group of neighborhood car owners. Voyagers look over an absolutely remarkable selection of close-by cars that cost overall around 35% as much as conventional auto rental organizations, while car owners acquire additional cash to help fuel their travel.

To date, Turo is accessible in 5,500 urban communities and at 500 air terminals. There are more than 900 makes and models of cars accessible to clients, and the normal auto proprietor using Turo’s platform makes an average of $625 every month. Through its insurance partner, Liberty Mutual, Turo safeguards proprietors up to one million dollars for each outing.

“We are thrilled to welcome Sumitomo Corporation as a strategic investor in Turo. Their insights into travel and international markets will be instrumental in helping us put the world’s one billion cars to better use,” said Turo CEO, Andre Haddad. “It is only fitting that we announce not only our new strategic investors but also the official launch of our Commercial Hosts program. The combination of these two initiatives will broaden Turo’s international reach and position us clearly as a leader in the global travel industry.”


Share:
Kashish Ambekar
Kashish Ambekar
Kashish moved to the United Arab Emirates from London after he graduated from UEL with a Masters of Business Administration specializing in Finance. Money smelled good, although tipping in rubies was a fortune in Dubai, which he couldn’t afford, let alone implement. India happened naturally by birth and the ever developing market proved no bounds in almost every Industry. The art of writing came naturally to him, short stories to professional articles in lieu of being therapeutic once, to a full time content writer. Currently he freelances as a content writer and is extremely devoted as his thoughts have found a way to be penned for technology in support to TechFunnel.com.

Similar Articles

Additional Resources to Download

Top