IAC is known as the majority owner of Match Group, which includes Tinder, Match, PlentyOfFish and OkCupid. Now the company has turned its attention to peer-to-peer car sharing. IAC announced last week that it will invest $250 million in car sharing marketplace Turo. The funding will be used to accelerate Turo's growth and strengthen its global leadership position.
"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."
As a result of this investment, IAC will become the largest shareholder in Turo and will reserve the right 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," Levin added.
Turo’s marketplace boasts over 10 million users and 400,000 vehicles listings. Since its last round of funding two years ago, the company has been growing 2x year-over-year, with even faster growth in its newest international markets.
"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."
IAC CEO Joey Levin will join Turo's Board of Directors as part of this investment. Turo has raised $470 million in capital to date.
