Turo, one of the most highly-regarded car rental companies in the world, has this week made a huge announcement. Sharing details of their plans for expansion, the brand believes it is on-track to be an internationally-recognised car hire company; one centered on modernity. Having taken a back seat in recent years as a result of ride-hailing successes like Uber taking the front seat, the business allows car owners to hire out their cars when they are no using them. This allows for a new, easy-to-obtain income stream for families and businesses. Taking a 20% cut from the car hire deal, the business is all about volume, wanting to scale up the number of users and owners using their platform.
Based in San Fransico, the startup has today made a new addition to platform, now listing commercial vehicles from car hire companies from all over the world. Welcoming businesses from 56 countries, Turo will now act as a promotional resource for car rental firms of all shapes and sizes.
Series D funding
This announcement marks the next phase of their series D funding round. Having enjoyed various investments from American Express Ventures, Sumitomo Corporation and the likes, the start-up aims to raise $104 million; having already raised $216m to date.
Turo was founded in 2009, formerly known as RelayRides. Having attracted some huge-name investors, their latest round has been led by Daimler; one of the largest German car-makers around.
Claiming to have received 6 million new registrations since early April in addition to 230,000 new listings, is 2018 the year that people will start taking Turo seriously? Well, with investors on board such as Sumitomo Corporation, one thing is for sure; Turo will start to make waves in Japan.
Let us know what you think; were Turo right to reject Uber’s offer of a buy-out and do it alone?