IAC, an American holding company with brands across 100 countries, mostly in media and internet, has invested $250 million in Series E funding in Turo, the largest peer-to-peer rental company.

Andre Haddad, Turo’s CEO, reported the news on a blog post on the Turo website. The latest round of funding brings Turo over the billion-dollar valuation mark, Haddad said in the blog. “This fresh flood of funding will help us invest further in growth and refining the customer experience, to get us ever closer to our mission of putting the world’s one billion cars to better use …” Haddad said.

The blog post reports that Turo has grown double year-over-year in the past two years and eight times year over year in its U.K. and Germany markets. Some 400,000 vehicles are being shared worldwide.