Daimler backs peer-to-peer car rental marketplace Turo
Turo, a peer-to-peer car rental marketplace, has raised $92 million in a new funding round co-led by Daimler and SK Holdings (each putting in $35 million). Other investors include Liberty Mutual. San Francisco-based Turo also said that it is expanding into Europe via the acquisition of Croove, an identical service in Germany that's been incubated by Daimler.
Why it matters: The concept of car ownership is fast evolving, promoting automakers (Daimler) and insurance companies (Liberty Mutual) to use their investment arms to capitalize on new models.