- IAC is investing $250 million in peer-to-peer car-sharing company Turo at a valuation of
- Joey Levin — the CEO of IAC — will be joining Turo’s board in conjunction with this round of funding
Internet media company IAC is going to be investing $250 million in Series E funding for peer-to-peer car-sharing company Turo. This investment would make IAC the largest shareholder in Turo. Including this round, Turo has raised $470 million total.
Essentially Turo allows users to rent their personal vehicles on an on-demand basis. This is why Turo is often called the “Airbnb for cars.” Turn has been growing steadily in the U.S. and overseas over the past two years. Now Turo has 10 million members and it has 400,000 listed vehicles in its network.
In a blog post, Turo CEO Andre Haddad confirmed that this latest round of funding pushes Turo past the billion-dollar valuation mark thus giving it “unicorn status.”
“IAC has a proven track record of creating and successfully growing companies — including Ticketmaster, Expedia, Match Group, and ANGI Homeservices (parent to HomeAdvisor, Angie’s List, and Handy) — as well as jumpstarting burgeoning brands and transforming them into household names (like Tinder and Vimeo),” wrote Haddad. “We couldn’t be more invigorated and ready to push Turo into the same stratosphere as these esteemed brands, and to work closely with our new strategic partners to grow the Turo brand and business to new heights.”
With this round of funding, Turo is planning to drive additional growth and further refine customer experiences. In conjunction with the funding round, IAC CEO Joey Levin is joining Turo’s board.
“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,” said Levin. “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 was founded by Shelby Clark — who is also the CEO, chief community officer, VP of marketing, and the board director.