IAC is investing $250 million in Turo, effectively making it the largest shareholder in the car-share startup.
In a statement on Wednesday, IAC said the new investment would make it the largest shareholder in Turo. The funding brings Turo's total equity raised to $470 million. Turo has grown steadily in the US and internationally over the past two years, counting more than 10 million members of its service and approximately 400,000 listed vehicles, the company said.
IAC CEO Joey Levin, who will join Turo's board as a result of the move, said the company is at the forefront of a broader disruption of the rental car industry.
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