Update: A complete list of athletes joining Turo as shareholders was added to this story.
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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.
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.
Illustration Credit: Li-Anne Dias