Fenwick & West represented Turo, a car rental marketplace where travelers can rent any car they want, in its $92 million Series D financing. Mercedes-Benz manufacturer Daimler and South Korea conglomerate SK Holdings led the round with participation from new investors Liberty Mutual Strategic Ventures and Founders Circle Capital. The company will use the funds from the financing to enhance the customer experience for both hosts and travelers, and to grow the Turo brand into a household name globally.
In a corresponding transaction, Fenwick also represented Turo in acquiring Croove, a leading peer-to-peer car sharing marketplace in Germany, from Daimler. The acquisition will assist Turo in accelerating growth in the German market in partnership with the Daimler brand. More information about Turo’s $92 million Series D financing and acquisition of Croove can be obtained from the company press release.
The Fenwick financing transaction team was led by corporate lawyers Sam Angus, Ran Ben-Tzur, Nam Kim and Shweta Kumar. The acquisition team was led by corporate lawyers Sam Angus, Kee Kim and Nam Kim.