Turo, the peer-to-peer car sharing startup, has initiated the confidential process to file an IPO with the US Securities Exchange Commission.
The number of shares offered at the IPO and the price range have not yet been determined, the company announced in a statement. Turo declined to provide additional information to TechCrunch.
Eleven-year-old Turo’s marketplace is analogous to Airbnb and allows car owners to post an ad for renting their vehicle on its app and website. Cars can be rented in more than 5,500 cities in three countries. Turo was in Germany after taking over the car sharing subsidiary Croove of Daimler AG in addition to an investment deal. The company is no longer in Germany.
The company had a $ 250 million Series E in July 2019, which put the company in unicorn status and “over the billion dollar valuation line,” CEO Andre Haddad said in a blog post. Turo followed suit the following February with a $ 30 million renewal round, bringing total funding to over $ 500 million to date.
Turo did not have a perfectly smooth ride during the pandemic; Like the 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.