Daimler invests $92M in P2P Leader Turo
Daimler Mobility Services has participated as lead investor in a financing round of U.S. peer-to-peer carsharing market leader
At the same time, Daimler peer-to-peer carsharing activities under the Croove brand will be combined with Turo
Expertise and experience of Croove will serve as the basis for Turo to enter the German market within the next year
Investment in Turo is a further step in the implementation of the Daimler CASE themes
STUTTGART, Germany and SAN FRANCISCO, Sept. 6, 2017 /PRNewswire/ -- Daimler Mobility Services is investing in the U.S. company Turo Inc., as part of a financing round. With over four million customers and more than 170,000 vehicles, Turo is the market leader in the peer-to-peer ("P2P") carsharing sector in the U.S. The financing round of the start-up has a total volume of 92 million US dollars. The round has been co-led by Daimler Mobility Services and one of South Korea's leading companies, SK Holdings. Turo's strategic insurance partner, Liberty Mutual, also joined the round, as did Founders Circle Capital. All existing investors joined the round as well.
At the same time, the Daimler peer-to-peer carsharing platform Croove will be combined with the U.S. company. After the successful launch of the pilot project at the end of 2016 in Munich, Germany, Croove launched in Berlin in mid-April 2017, as well as in additional German cities. Croove is bringing private car renters and owners together. The expertise and experience of Croove will serve as the basis for Turo to enter the German market within the next year. With the launch in 2018, Croove customers can use the new offers of Turo.
Another step in the implementation of Daimler CASE
The investment in Turo is another step in the implementation of the Daimler CASE themes. The four letters stand for Daimler's mobility themes of the future: "Connected," "Autonomous," "Shared & Services" and "Electric." Daimler Financial Services bundles all mobility services under "Shared & Services" - from carsharing (car2go) and ride hailing (mytaxi) to mobility platforms (moovel). Since the end of 2016, in addition to car2go, Daimler has also been offering private carsharing via Croove, to bring together private car renters and owners – irrespective of the brand of the vehicles.
Jörg Lamparter, Head of Mobility Services at Daimler Financial Services, said about the investment in Turo: "People want access to mobility that goes beyond their own vehicle - anytime and anywhere. We have been meeting this demand already with our mobility services brands – car2go, mytaxi and moovel – for our 15 million customers. The investment in Turo further expands our strong position in the mobility services sphere."
Turo CEO, Andre Haddad, said: "We are proud to welcome Daimler, SK Holdings and Liberty Mutual to the Turo family. This impressive roster of strategic investors joins our existing investors in fueling Turo's mission to put the world's one billion cars to better use, and positions Turo firmly as the global leader in the fast growing peer-to-peer car sharing space. We're thrilled to have them by our side as we work to reshape car ownership and travel worldwide."
15 million customers use Daimler mobility services
Daimler is a pioneer in innovative mobility services. With the free-floating carsharing offer of car2go, which launched in 2008, customers have the chance to rent a car at any time and drive themselves from A to B. mytaxi is a market leader amongst the taxi ordering apps in Europe. The mobility platform moovel offers on-demand access to various mobility offers, including booking and payment. 15 million customers are already registered for Daimler mobility services. Daimler is represented with mobility services in over 100 cities in Europe, North America and China. With the investment in Turo, Daimler is expanding on their strong position in the mobility services sector and strengthening one of the four strategic cornerstones of CASE.
Turo and Croove bring private car renters and owners together
With the private carsharing platforms Turo and Croove, renters can use the app or website to quickly and easily find a private vehicle that suits their requirements and price expectations, and then rent it. This lets them be independent of a fixed rental station. Owners can optimize utilization of their vehicle and reduce running costs.
Turo originally launched under the name RelayRides in Boston and was founded in 2009. Soon thereafter, the headquarters were moved to San Francisco. Since 2012, Turo has been active nationwide in the U.S. Since the end of 2017, the U.S.-based company has also been present in Great Britain.
Daimler at a Glance
Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance, financial investments, credit cards, and innovative mobility services.
The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from high-tech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment.
Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study „The Anatomy of Growth", 10/5/2016), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services' brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial, moovel, car2go and mytaxi. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2016, the Group sold around 3 million vehicles and employed a workforce of more than 282,000 people; revenue totalled €153.3 billion and EBIT amounted to €12.9 billion.