Turo, a peer-to-peer carsharing marketplace, has raised $92 million in Series D funding and will acquire Croove, a peer-to-peer carsharing service in Germany, from Daimler.
Daimler and SK Holdings — a South Korean-based company — led the round, with Liberty Mutual Strategic Ventures and Founders Circle Capital also joining the financing. Existing investors August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures, and Shasta Ventures also invested in the latest round of financing.
"We are proud to welcome Daimler, SK Holdings, Liberty Mutual Strategic Ventures, and Founders Circle Capital to the Turo family," said Andre Haddad, CEO of Turo. "This impressive roster of strategic investors joins our existing investors in fueling Turo's mission to put the world's one billion cars to better use and positions Turo firmly as the global leader in the fast-growing peer-to-peer carsharing space. We're thrilled to have them by our side as we work to reshape car ownership and travel worldwide."
Turo's acquisition of Croove provides an opportunity to expand its presence from existing international markets in Canada and the U.K. to Germany and more broadly into Europe, according to the company. Funding co-lead SK Holdings will also provide support and insights as Turo considers expansion into South Korea and other Asian markets.
"People want access to mobility — anytime and anywhere," said Jorg Lamparter, head of mobility services, responsible for all mobility services bundled under the roof of Daimler Financial Services. "We have already been addressing this desire by providing mobility services to over 15 million people, and our investment in Turo allows us to further expand our leading position and create a stronger mobility services ecosystem. Daimler's expertise in this sphere and Turo's marketplace complement each other perfectly."
The $92 million Series D funding brings Turo’s total funding to $193 million, according to the company. In addition to its focus on expansion abroad and deepening its expertise in insurance, Turo plans to invest capital from the Series D to enhance the customer experience on both sides of the marketplace, boost customer acquisition, and grow the brand globally.
"Attitudes toward car ownership and travel are rapidly changing,” said Dong Hyun Jang, CEO of SK Holdings. “We've witnessed these changes first-hand through our investments in SoCar, Korea's leading carsharing service, and SoCar Malaysia, which will launch at the end of this year. We are confident that Turo will continue to accelerate these trends and look forward to helping Turo to expand into Asia."