Turo, the San Francisco-based developer of a peer-to-peer car sharing marketplace,

said on Wednesday it has landed a new $250 million investment from digital media-
giant IAC. The move will make IAC the company’s single largest shareholder, also
giving it rights to expand its ownership stake over time. Turo, which now has
raised #470 million since its inception, including a $92 million round in 2017,
currently boasts more than 10 million members and nearly 400,000 listed vehicles.
Joey Levin, the CEO of IAC, will join the company’s board of directors. The
acquisition fits squarely into the wheelhouse of New York-based IAC, which owns
companies like Vimeo and Dotdash, and holds majority stakes in both Match Group,
which operates brands such as Tinder and Match, and ANGI Homeservices, which
includes HomeAdvisor and Angie's List. "IAC wrote the script on how to build and
scale marketplace businesses and we look forward to their active involvement,” said
Andre Haddad, the CEO of Turo.