car sharing startup
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Car-sharing startup Turo has filed confidentially for an IPO
Turo, the peer-to-peer car-sharing startup, has initiated the confidential process of filing for an initial public offering with the U.S. Securities Exchange Commission.
The number of shares to be offered in the IPO and the price range have not yet been determined, the company said in a statement. Turo declined to provide additional information to TechCrunch.
The eleven-year-old Turo’s marketplace is analogous to Airbnb, letting car owners post an ad to rent out their vehicle on its app and website. Cars are available to rent in more than 5,500 cities across three countries. Turo was in Germany after taking over Daimler AG’s car-sharing subsidiary Croove alongside an investment deal. The company is no longer in Germany.
The company had a $250 million Series E in July 2019, which pushed the company into unicorn status and “past the billion-dollar valuation mark,” CEO Andre Haddad said in a blog post. Turo followed that up with a $30 million extension round the following February, bringing its total funding to date to over $500 million.
Turo did not have a completely smooth ride during the pandemic; like other transportation startups Bird and Getaround, Turo laid off 30% of its workforce, or 108 employees, in March 2020 according to data tracker Layoffs.fyi.
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SoftBank-backed Getaround is raising $200M at a $1.5B+ valuation
Getaround, a used car marketplace and winner of TechCrunch Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.
The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”
“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to TechCrunch’s inquiry Thursday morning.
The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.
Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.
Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.
Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.
In conversation with TechCrunch last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”
Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.
The business initially launched its car-sharing service in 2011, relying on gig workers who can list their cars on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their cars are rented.
Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.
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