Turo Raises $250 Million in Latest Round of Funding

Turo, often dubbed as the “AirBNB for cars,” recently wrapped up a funding round that brought in $250 million, pushing the company’s valuation well over the $1 billion mark.

Founded in 2010 as “RelayRides,” Turo is a peer-to-peer car-sharing service aiming to revolutionize the car rental industry. By operating on a peer-to-peer model, Turo offers users the opportunity to rent vehicles at more affordable rates compared to traditional rental companies. Similar to Uber and AirBNB’s models for rides and accommodations, Turo requires listed cars to meet specific criteria and be insured under Liberty Mutual. The platform features adjustable settings like price and rental duration via sliding bars, matching users with available vehicles that fit their preferences.

CEO Andre Haddad is optimistic about the company’s future success, stating, “When you think about the economics of car ownership, frankly, they don’t really make any sense.” He points out the underutilization of owned vehicles and the high associated costs. Turo’s platform currently boasts over 400,000 cars listed and more than 10 million users. The company is operational in 5,000 cities across 56 countries.