Startups

Turo Adds Another $30M To Series E

Update: A complete list of athletes joining Turo as shareholders was added to this story.

Car rental marketplace Turo has raised an additional $30 million in a second round of its $250 million Series E, bringing in shareholders that include NFL player Larry Fitzgerald and rapper 2 Chainz.

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The new round of funding brings Turo’s total funding to $500 million, and adds Manhattan Venture Partners and Allen & Co as investors in the company. Through Manhattan Venture Partners, Fitzgerald, 2 Chainz, NBA players Victor Oladipo, Langston Galloway, and Thad Young, and NFL players Dee Ford, Tyrod Taylor, Malcolm Jenkins, and Clint McDonald are now shareholders in the company.

Turo, which was founded in 2010 and is based in San Francisco, lets car owners rent out their vehicles on its website and app. Those looking to rent a car can find one in more than 5,500 cities in the United States, Canada, United Kingdom and Germany, according to Turo’s website.

The company has more than 14 million members and more than 450,000 listed vehicles, according to a Turo spokeswoman. Its revenue is growing more than 60 percent year-over-year.

Turo raised $250 million for its Series E in July 2019, with IAC leading the investment. IAC became the largest shareholder of the company with rights to expand its ownership over time, according to a statement at the time of the funding. Turo’s other investors include Kleiner Perkins and August Capital.

In September 2017, the company raised $104 million in its Series D  (led by SK Holdings), and $47 million in its Kleiner-led Series C in November 2015.

Manhattan Venture Partners is somewhat known for bringing a celebrity touch to private company funding rounds. The VC firm has an “All-Star Fund,” that helps celebrities and athletes invest in private companies.

Turo competes with other peer-to-peer car rental startups like Getaround, and legacy car rental companies like Enterprise Rent-A-Car and Hertz.

Illustration Credit: Li-Anne Dias

 

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