7 Sep 17

Turo raises $92m, acquires DaimlerÂ’s Croove

Daimler has made a strategic partner of San Francisco-based carsharer Turo by investing heavily in the company, and by selling its own carsharing subsidiary Croove to Turo. 

Daimler's investment is part of the $92 (€77) million raised by Turo in a Series D funding round, with additional money coming from SK Holdings (South Korea), among others. 

Turo allows individual car owners and small rental fleet operators to offer their vehicles for short-term rentals. Launched last December, Croove offered a similar model of peer-to-peer rental of vehicles of any make or model.

The plan is for the Turo brand to replace Croove, even in Germany, within a matter of months.  

Image: Turo 

Authored by: Frank Jacobs