SK Holdings invests in US-based car-sharing company Turo

SK Holdings has invested in San Francisco-based car-sharing company Turo, the company said Thursday.

One of the largest car-sharing companies in Silicon Valley, Turo provides peer-to-peer car rental services in around 5,000 areas in US, UK and Canada. 

SK Holdings and German carmaker Daimler led Turo’s latest fundraising worth a total of $92 million, according to the company.

However, details on the terms and shares of the investment were not disclosed.

With the investment, SK Holdings said it aims to seek new business opportunities in the global sharing economy down the road.

In 2015 SK Holdings invested in the nation‘s top business-to-customer car sharing service provider Socar. With Socar, the company also plans to enter the Malaysian car sharing market by the end of the year, it said.

Meanwhile, Turo plans to expand its business in the European and Asian markets with the latest funds raised, the company said. As a part of the deal, Turo will also acquire Daimler’s Croove to expand its presence in Europe. 

By Shim Woo-hyun (ws@heraldcorp.com)