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.