Liberty Mutual’s venture arm is among the investors backing the new $92 million funding round for Turo, a peer-to-peer car sharing marketplace.
Dan Robinson, managing director of Liberty Mutual Strategic Ventures, said he sees solid business opportunities within Turo’s concept.
“The sharing economy has been a focal point for the fund, and Liberty Mutual is eager to engage with Turo to explore how we can provide innovative insurance solutions for their customers and our policyholders,” Robinson said in prepared remarks.
Daimler and South Korea conglomerate SK Holdings led the Series D round, which included Liberty Mutual Strategic Ventures and Founders Circle Capital participating. Existing investors August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures and Shasta Ventures also contributed to the financing.
As part of the financing, San Francisco-based Turo will also acquire from Daimler the startup Croove, a peer-to-peer car sharing marketplace based in Germany.
Turo describes itself as a car sharing marketplace where local car owners provide their vehicles for rent. “Travelers from around the world choose from a unique selection of cars and car owners earn extra money while helping fuel their adventures,” Turo said.