Turo now past the billion-dollar valuation mark

The American ride-sharing company Turo just pass past the billion-dollar valuation mark with its latest round of funding.

Turo, formerly RelayRides, was founded in Boston, Massachusetts on June 2010. The company offers a peer-to-peer car-sharing service where you can rent a privately-owned car, think like an Airbnb for cars.

Now, 9 years later, the American company has almost 400,000 cars to share and as an over 10 million hosts and guests community. It has grown, in the last two years, 2x year-over-year. On the other hand, the recently-launched International markets (UK and Germany) had an 8x year-over-year increase.

The latest round of funding from the startup raised $250 million from IAC, an Internet media company that has a successful track record with growing companies.

That founding pushes Turo “past the billion-dollar valuation mark” according to the company’s CEO Andre Haddad in blogpost made today.

How Turo works

Basically, Turo is as easy as search, book and drive. First, you go on their website, sign up for a new account, search for a city, airport, address or hotel to get a list of cars available.

Once you’ve made your choice of cars you book it and after that, you meet the car owner at a predetermined place. Now, simply enjoy your time with the car until you have to return it.

To start your search for your next trip, head over to Turo.com and book your desired vehicle type.