US peer-to-peer car sharing startup Turo has received investment of US$92 million under a financing round co-led by Daimler Mobility Services and South Korea’s SK Holdings.

Turo to enter German market following Daimler investment

Daimler, which runs a number of mobility services brands including car2go, mytaxi and moovel, said the move further expands its strong position in the mobility services sphere.

The new investment in Turo, which originally launched under the name RelayRides in Boston, will see Daimler’s own private car sharing platform, dubbed Croove, merge with the US firm, enabling Turo to enter the German market within the next year.

Following a pilot project in Munich at the end of 2016, Croove launched in Berlin last April. The firms said the 2018 launch will enable Croove customers to benefit from Turo services. Both companies offer renters app or website platforms to enable them to find vehicles meeting their requirements.

The news comes as Daimler announces that its Mercedes-Benz Vans brand will launch a new Uber-rivalling ride sharing service in Europe, kicking off with London, under a new joint venture with US technology firm Via.