Turo CEO Andre Haddad image: Turo

IAC — the New York based company behind popular dating sites Tinder, Match, PlentyOfFish and OkCupid, and popular video site Vimeo — has announced it’s investing $250 million in peer-to-peer car sharing marketplace Turo. This investment will make IAC Turo’s largest shareholder and also give it rights to expand its ownership over time.

The investment pushes Turo’s total equity funding to $470 million. IAC CEO Joey Levin is joining Turo’s board as part of its investment. A blog post penned by Turo CEO Andre Haddad said the investment pushed Turo “past the billion-dollar valuation mark”, implying the San-Francisco based startup is now valued above $1 billion.

IAC Chairman Barry Diller image: JD Lasica on Flickr

Turo plans to make use of IAC’s investment “to help accelerate growth and refine the customer experience”, according to a press statement. Although the statement isn’t quite clear, one’s take would be that Turo is making use of IAC’s investment to fund growth and operations.

Turo has grown 2x annually for the past two years and says its international markets [Germany and the U.K.] are growing at an astounding 8x annually. The p2p car sharing marketplace has nearly 400,000 listed vehicles and more than ten million members, up from roughly 170,000 vehicles and more than four million members in 2017].

Turo is backed by other top VCs like Kleiner Perkins, Alphabet’s GV, Canaan Partners, Shasta Ventures and more.

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