Turo IPO Filing: Car-Sharing Startup Goes Public

Turo Pursues Initial Public Offering

Turo, a prominent peer-to-peer car-sharing platform, has begun the confidential filing process for an initial public offering (IPO) with the U.S. Securities and Exchange Commission.

IPO Details Remain Undisclosed

Currently, the specific number of shares planned for the IPO and the anticipated price range are still to be determined. A formal statement released by Turo confirmed this, but further details were not disclosed to TechCrunch.

How Turo Operates

Founded eleven years ago, Turo’s operational model closely resembles that of Airbnb. The platform enables vehicle owners to list their cars for rent through its application and website.

Rental vehicles are accessible in over 5,500 cities spanning three countries. Previously, Turo had a presence in Germany following the acquisition of Daimler AG’s car-sharing division, Croove, coupled with a strategic investment. However, the company has since exited the German market.

Funding History and Valuation

In July 2019, Turo secured a $250 million Series E funding round. This investment propelled the company to unicorn status, exceeding a billion-dollar valuation, as stated by CEO Andre Haddad in a company blog post.

A subsequent $30 million extension round followed in February of the next year, increasing the company’s total funding to over $500 million.

Impact of the Pandemic

The COVID-19 pandemic presented challenges for Turo. Similar to other transportation startups like Bird and Getaround, Turo was forced to reduce its workforce by 30%, impacting 108 employees in March 2020, as reported by Layoffs.fyi.