The start-up enables passenger car owners to rent their vehicles through an online and mobile interface in more than 56 countries.
Turo allows car owners to offer their vehicles on the system while potential users can search for a suitable vehicle by location, type, price, usage option and other categories.
The American company created in 2009 has already raised $500 million in venture capital from investors including Manhattan Venture Partners, IAC, Allen & Co, Expanding Capital and others. The amount raised in the last investment round (February 2020) was $280 million.
Turo connects car owners with short-term rental companies and acts as an Airbnb for cars. Its main competitor is Getaround Inc. Turo also offers short trips, ranging from a few hours to several days or even weeks - the service also seeks to compete with traditional car rental companies.
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