What’s Turo worth?
Late last week, Turo, a startup that allows consumers to rent their cars to one another, updated its IPO filing to include full-year data from 2022, giving us a better understanding of its post-COVID performance.
Turo, a venture-backed company that has raised hundreds of millions while private, filed privately to go public back in 2021. That initial document was converted into a public filing the next year, with Turo updating its S-1 documentation regularly since — most recently to include Q4 2022 data.
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While TechCrunch and other publications have discussed unicorns like Instacart and Reddit as potential companies first out the IPO gate when the public-offering window reopens, perhaps we were looking in the wrong places. Turo could be the first.
And a Turo IPO would not be a small affair. PitchBook pegs the company’s most recent private-market price at $1.28 billion, making it a unicorn long in the making, having raised capital as early as 2009. Readers may recall that Turo was once called RelayRides, and has over time extended its model to support users offering more than one car for its platform.
Let’s sit down and look at Turo’s numbers in detail and dig up what we can from the recent rocky SPAC combination of Getaround, which has a similar model and may provide valuation clues for Turo. To work!
