Car Rental Company Turo Raises $30 Million In Second Round Of $250 Million Series E

By Annie Baker ● February 6, 2020
  • Online car rental company Turo has raised $30 million as part of the second round of its $250 million Series E funding

Online car rental company Turo announced it has raised $30 million as part of the second round of its $250 million Series E funding, according to Crunchbase. NFL player Larry Fitzgerald and rapper 2 Chainz participated in this round.

And Manhattan Venture Partners; Allen & Co.; NBA players Victor Oladipo, Langston Galloway, and Thad Young; and NFL players Dee Ford, Tyrod Taylor, Malcolm Jenkins, and Clint McDonald also participated in this round. This funding round Turo’s total funding to $500 million.

Launched in 2010, Turo enables car owners to rent their vehicles through the website and app. The service is available in over 5,500 cities in the United States, Canada, United Kingdom, and Germany.

IAC led Turo’s $250 million Series E round in July 2019. As a result, IAC became the largest shareholder of the company with the rights to expand its ownership over time.

Currently, Turo has over 14 million members and more than 450,000 listed vehicles. And the company’s revenue is growing over 60% year-over-year.