Turo has a new strategic partner in automaker Daimler, with ties solidified through both an investment by Daimler in the car sharing startup, and through the acquisition by Turo of Croove, Daimler’s own Turo-like subsidiary.
The funding is part of a new $92 million Series D round raised by Turo, which was also led by South Korean giant SK Holdings, in addition to Daimler, and which includes participation from new investors Liberty Mutual Strategic Ventures and Founders Circle Capital, as well as from existing partners.
This investment includes a lot of new strategic tie-ups for Turo, which allows individual vehicle owners and small rental fleet operators to offer their cars up for short-term rentals by others. Liberty Mutual is clearly a key asset thanks to its insurance industry perspective, and this deepens the relationship between the two companies, since Liberty already provides insurance for cars on Turo’s sharing platform.
SK Holdings has a number of sub-companies, including SK Telecom, with ties to the automotive industry, and they’ve also recently been investing heavily in new mobility brands. These include SoCar, as well as leading short-term car rental services in other Southeast Asian manufacturers like Malaysia. They represent a partner with potentially far-reaching impact for Turo.
“They have several SK companies that are involved closely with OEMs,” explained Turo CEO Andre Haddad in an interview. “They provide parts and systems for car manufacturers based in Korea, as well as global manufacturers of cars. Recently, they started investing in mobility services. They found that Turo, with our global perspective, and they’re keen on positioning themselves in what they believe is going to be a significant part…