By
Steve Muchoki
April 16th, 2024
The company has spent up to $750,000 in liability insurance from Liberty Mutual and secured through Turo Insurance Agency.
World-leading peer-to-peer car-sharing marketplace Turo has filed for a confidential initial public offering (IPO) with the United States Securities and Exchange Commission (SEC). The company filed to go public on Monday, according to media outlet CNBC.
The Daimler-backed company seeks to venture into global markets by raising more money from the public. Notably, the company has been involved in prior private funding rounds that have helped it make notable acquisitions. According to metrics provided through its website, Turo has raised $500 million to date.
Notably, the company has gained notable users from the United States, Canada, and the United Kingdom. “A pioneer of the sharing economy and the travel industry, Turo is a safe, supportive community over 14 million strong with more than 450,000 vehicles listed and over 850 unique makes and models available,” the company takes pride in its success.
As of press time, the company is available in over 5,500 cities across the United States, Canada, and United Kingdom. Turo customers get to hire a car for as low as $25 per day depending on the car model. Furthermore, the company provides different car owners a chance to offset their vehicle costs.
The company has spent up to $750,000 in liability insurance from Liberty Mutual and secured through Turo Insurance Agency.
Some of the notable investors in Turo include AmEx, August Capital, Canaan Partners, Founders Circle Capital, Manhattan Venture Partners, Sumitom, and Trinity Partners.
Turo and Its Market Outlook Ahead of IPO
Turo seeks to enter the public market at a time when the global economy is technically being reset by the ongoing coronavirus crisis. From a bigger picture perspective, the company forecasts a time when more people will spend more time in outdoor activities. Moreover, there has been a notable decline in outdoor activities since the coronavirus onset.
The eleven-year-old company is reorganizing its business structure to pursue more global markets. Furthermore, the car rental business is a booming industry as more vehicles get produced at a much faster rate than the global population is buying them.
Turo is active in protecting the environment through investment in greenhouse gas-reducing projects. Around places where the company is active in its core business, Turo has invested in tree planting activities.
Notably, the company has also invested in the electric vehicle industry to help fight the greenhouse effect. Governments are also facilitating electric vehicle adoption by offering tax cuts as observed in China.
As a technology-based company, Turo seeks to widen its gap in revenue collection as more people get connected to cheap internet.