Forbidding car owners from listing their cars on other platforms While Turo has a good neighbor policy in place, the company has been accused of being a bad neighbor as the app can crowd out street parking in busy urban areas. The investment made IAC Turo's largest shareholder. In July 2019, InterActiveCorp (IAC) invested $250 million in venture capital funding. In June 2018, Turo announced plans to offer a new in-car device allowing GPS monitoring and remote unlocking through the Turo app. Also in 2016, Turo launched in the United Kingdom. In 20, Turo launched in three Canadian provinces: Alberta, Ontario, and Quebec. Forbes included it among 14 "hottest on-demand startups" in 2015, with a valuation of $311 million. In November 2015, RelayRides changed its name to Turo in order, the company said, to reflect the company's shift away from short-term to long-term rentals. Ä«etween 20, RelayRides received $52.5 million in funding from Canaan Partners, August Capital, Google Ventures, Shasta Ventures, and Trinity Ventures. In 2013, however, RelayRides discontinued both its in-car device and its Onstar technology integration in favor of in-person key exchange. In 2012, Turo partnered with major automaker General Motors and their OnStar division with the goal of enabling renters to unlock GM cars with their mobile phones without installing additional technology. Initially, renting a car through RelayRides required installing an in-car device that enabled GPS monitoring, remote unlocking, and smart card entry, similar to Zipcar. In 2012, it launched nationwide in the U.S. In late 2010, the company expanded to San Francisco, where it is now headquartered. The peer-to-peer car-sharing concept was inspired by similar online marketplaces such as Airbnb and eBay. RelayRides was launched in Boston in June 2010. In July 2019, the American holding company IAC invested $250 million in Turo, a deal that valued the company at more than $1 billion. The company allows private car owners to rent out their vehicles via an online and mobile interface in 3 countries (United States, United Kingdom and Canada). Turo is an American peer-to-peer carsharing company based in San Francisco, United States.
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