IAC To Invest In Turo - Quick Facts

(RTTNews) - IAC (IAC) has agreed to invest $250 million in Turo, becoming the largest shareholder in Turo with rights. Also, IAC CEO Joey Levin will join Turo's Board. Turo is a peer-to-peer car sharing marketplace. The investment will result in total funding of Turo to $470 million. Turo now has over 10 million members and nearly 400,000 listed vehicles.

"We like marketplaces. Turo has incredible scale and is benefiting from clear network effects in a very large market where consumers want better, more tailored experiences—perfect for IAC," said Joey Levin, CEO of IAC.