NEW YORK and SAN FRANCISCO, July 17, 2019 /PRNewswire/ -- IAC (NASDAQ: IAC) and Turo today announced that IAC has agreed to invest $250 million in Turo, the world's largest peer-to-peer car sharing marketplace. IAC's capital will accelerate Turo's growth and strengthen its global leadership position. With this investment, IAC will become the largest shareholder in Turo with rights to expand its ownership over time.
"We like marketplaces. Turo has incredible scale and is benefiting from clear network effects in a very large market where consumers want better, more tailored experiences—perfect for IAC," said Joey Levin, CEO of IAC. "Just as we've seen with travel, dating and home services, technology is accelerating a shift in the transportation space as the economics of car ownership change and the more than $60 billion global car rental market faces disruption and expansion with peer-to-peer car sharing services like Turo taking hold. Turo has built the best product and proven out the model, and only just begun to penetrate the market. We're excited to back Andre and the winning team at Turo, and hopefully this investment is a good start."
Turo continues to gain momentum since its last round of funding nearly two years ago and now has a vibrant community of over 10 million members and nearly 400,000 listed vehicles. Turo has been growing 2x year-over-year the past two years, with its newest international markets (UK and Germany) growing even faster at 8x year-over-year.
"We are thrilled to have IAC as a partner," said Andre Haddad, CEO of Turo. "IAC wrote the script on how to build and scale marketplace businesses and we look forward to their active involvement. We are proud to welcome IAC to the Turo family and aid in our mission of putting the world's one billion cars to better use."
As part of the deal, IAC CEO Joey Levin will join Turo's Board of Directors. IAC's investment brings the company's total funding to $470 million. Turo plans to invest capital from IAC to help accelerate growth and refine the customer experience.
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 10 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially-disciplined opportunism will never change. IAC today operates Vimeo and Dotdash among many others, and also has majority ownership of both Match Group, which includes Tinder, Match, PlentyOfFish, and OkCupid, and ANGI Homeservices, which includes HomeAdvisor, Angie's List and Handy. The Company is headquartered in New York City and has business operations and satellite offices worldwide. Learn more at www.iac.com.
Turo is a peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of local hosts across the US, Canada, the UK, and Germany. Guests choose from a totally unique selection of nearby cars, while hosts earn extra money to offset the costs of car ownership. A pioneer of the sharing economy and travel industry, Turo is a safe, supportive community over 10 million strong with nearly 400,000 vehicles listed and over 850 unique makes and models available. Whether it's a truck to help out on moving day, a Tesla for an exciting new experience, or a classic VW bus for a picture-perfect road trip, Turo lets you find the perfect vehicle for your next adventure.
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