Turo introduces a redesigned experience, raises $47 million in Series C funding led by Kleiner Perkins Caufield & Byers (KPCB).
SAN FRANCISCO – Pioneering car rental marketplace, RelayRides, reintroduces itself as Turo and announces that it has raised $47 million in Series C funding. The funding round is led by Kleiner Perkins Caufield & Byers (KPCB) and its affiliates with participation from existing investors August Capital, Canaan Partners, Google Ventures, Shasta Ventures, and Trinity Ventures. In addition to introducing its new name, the entire Turo experience has been redesigned to inspire adventure.
“As a memorable, aspirational brand that inspires adventure, Turo positions us squarely within travel and tourism,” said Turo CEO, Andre Haddad. “We envision a world where travelers can rent the perfect vehicle for their next adventure no matter where they are – a world where car owners transform their idle cars from depreciating assets into earning engines and help fuel travelers’ adventures. We are delighted with the $47 million raise and are also very pleased to welcome Brook Porter from KPCB to the Turo board of directors. Brook brings a proven track record of investments and expertise to help us achieve our vision.”
While Turo continues to lead the US market for peer-to-peer car rental, with presence in over 2,500 cities and 300 airports, the company’s new brand gives it more room to expand internationally and realize its vision. “Turo’s mission is to put the world’s one billion cars to better use,” said Haddad. “It is an incredible opportunity.”
“Turo is injecting adventure and personality into car rental, a $65 billion industry ripe for disruption,” said KPCB partner Brook Porter. “There are $20 trillion worth of cars in the world today and these cars are used less than four percent of the time. Turo’s rapid growth leverages that massive, underutilized base of vehicles in a peer-to-peer marketplace to deliver an outstanding product. Given the opportunity and amazing team, I’m very excited to be on board to help Turo realize its vision.”
The $47 million Series C funding cements Turo’s leadership position in peer-to-peer car rental and brings total funding to $101 million. Funding will be used to help enhance customer experience, accelerate customer acquisition, and expand into new geographies.
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