[ad_1]
IAC is expected to invest $ 250 million in Turo, a peer-to-peer carpool business often referred to as "Airbnb for cars".
In a statement released Wednesday, IAC said the new investment would make it Turo's largest shareholder. The financing brings Turo's total equity to $ 470 million.
Similar to home-sharing services, Turo allows users to rent their personal vehicles to other users and presents itself as a car rental alternative to consumers.
Turo has enjoyed steady growth in the United States and internationally over the last two years, with over 10 million members of its service and approximately 400,000 referenced vehicles, the company said.
The company plans to use the new IAC funding to launch additional growth and "refine the customer experience".
IAC's CEO, Joey Levin, who will join Turo's Board of Directors following this change, said the company was at the forefront of a disruption more broad area of rental cars.
"Turo has an incredible size and benefits from clear network effects in a very large market where consumers want better and more tailored experiences, perfect for IAC," Levin said in a statement.
"Just as we've seen with travel, dating and home services, technology is accelerating a shift in the transportation sector, as the property economy is changing. Shared carpool services like Turo has put in. Turo has developed the best and proven product, and is just entering the market, "he added.
IAC has recently deepened its investments in the transport sector. Last February, the company invested $ 15 million in Honcker's on-demand car leasing platform and, in 2017, IAC invested in the Convoy trucking start-up.
Source link
