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Turo, a car-sharing startup has submitted confidentially to an IPO IPO

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Turo, a car-sharing startup has submitted confidentially to an IPO

Turo is a peer-to-peer car sharing startup. It has begun the private process to file for an initial public offer with the U.S Securities Exchange Commission.

According to a company statement, it is not clear what the IPO’s share count and price range will be. TechCrunch was not provided with additional information by Turo.

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Turo, an eleven-year old marketplace for car rental is similar to Airbnb. It allows owners to post ads to rent their vehicles on the app or website. Turo claims that cars are now available for rent in over 5,500 locations across four countries. That includes Germany, where Turo took over Daimler AG’s car-sharing subsidiary Croove alongside an investment deal.

The company had a $250 million Series E in July 2019, which pushed the company into unicorn status and “past the billion-dollar valuation mark,” CEO Andre Haddad said in a blog post. Turo added $30 million to its funding round in February 2019, bringing it to more than $500 million.

Turo did not have a completely smooth ride during the pandemic; like other transportation startups Bird and Getaround, Turo laid off 30% of its workforce, or 108 employees, in March 2020 according to data tracker Layoffs.fyi.

Publited at Mon, 9 Aug 2021 17:03:57 +0000

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