Peer-to-peer car-sharing marketplace Turo has officially closed a $104 million Series D round. This comes following a $12 million investment from Sumitomo Corporation and American Express Ventures, on top of a $92 million raise earlier this year.
“As a company that is intensely focused on enabling its customers to have unique travel experiences, American Express’ strategic investment positions us well within the travel ecosystem,” Turo wrote in a blog post. “Sumitomo Corporation will help provide guidance as we look to expand to Asia, particularly Japan. We welcome and expect to learn from their expertise in global marketing and customer service as Turo continues to make a huge impact in the automotive and travel industries.”
Turo has also unveiled a new program called Commercial Host. The idea is to enable independent car rental businesses — ones that can offer commercial rental insurance — the ability to offer their cars via Turo. Currently, Turo has six million people on board its platform sharing more than 230,000 cars worldwide.