Peer-to-peer car-sharing marketplace Turo has filed for an IPO, according to an S-1 document filed Monday with the U.S. Securities and Exchange Commission.
The San Francisco-based company has not disclosed the number of shares it plans to offer or the price range of shares. Turo will list on the New York Stock Exchange under the symbol TURO, and lead underwriters include Morgan Stanley and J.P. Morgan.
Since its founding in 2009, Turo host earnings have exceeded $1.1 billion and the platform counts more than 85,000 active hosts and 161,000 active vehicles across more than 7,500 cities in the United States, Canada and the United Kingdom.
Turo has served more than 1.3 million active riders who have been driven more than 2.2 billion miles. It saw 114% year-over-year growth of active guests.
For the nine months ending September 30, 2021, Turo is reporting a revenue jump of 207% from $107.8 million for the same period in 2020 to $330.5 million.
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Net loss for the nine months ending September 30, 2021, was $129.3 million compared to $51.7 million for the same period in 2020.
The company says net revenue increased during the period due to a recovery in days booked combined with an increase in gross booking value per day.
In 2020, Turo generated net revenue of $149.9 million, representing 6% growth from $141.7 million in 2019, and a net loss of $97.1 million in 2020, down from $98.6 million in 2019.
Adjusted EBITDA was a loss of $42.1 million and $92.8 million in 2020 and 2019, respectively, and $69.9 million and a loss of $37.7 million for the nine months ended September 30, 2021 and 2020, respectively.
Turo says it is pioneering a new category of transportation, “advancing the next era of personal mobility by connecting consumers with an unrivaled network of privately owned vehicles.”
Its peer-to-peer model aims to deliver consumers more convenient, economically efficient and environmentally and socially responsible way to access vehicles compared to traditional car ownership and car rentals.
Turo says its competitive strengths include unique, exclusive inventory; marketplace density; compelling value; an innovative, custom-built platform; proprietary data and machine learning-driven insights; an engaged community and powerful brand; and its culture and team.
Its growth strategy includes innovating on its platform – making it easier for hosts to list their vehicles and automating pricing and onboarding workflows – and growing its supply and unlocking new use cases.
Turo also plans to grow and deepen guest engagement and expand internationally.
Risks to Turo’s strategy include failure to retain existing hosts and guests, outside factors that could impact financial results, net losses it has incurred and regulation, among others.
In February 2020, Turo added $30 million to its $250 million Series E funding round, bringing its total funding to-date to $500 million.