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Turo Eyes New Funding as Car-Sharing Fight Revs Up

Turo, which runs an Airbnb-like marketplace for car rentals, is looking to raise about $100 million in a funding round that would value the company at roughly $700 million, two people familiar with the matter said.

The round, which is expected to close by next month, could position the under-the-radar company for a more prominent role in the travel and transportation industry. It also could fund future battles with regulators. Turo competes with rental-car companies who say the startup has enjoyed an unfair advantage by not having to pay airport usage fees and comply with the same state laws they do. The battle is reminiscent of the hotel industry’s confrontations with Airbnb over taxes, insurance and other regulations, though unlike the pitched public fight in the hospitality industry, the car rental tensions largely have been playing out behind the scenes.  

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Many people renting cars on Turo are de-facto small business owners, with small fleets of cars on the platform.