Sumitomo Corporation of Americas (SCOA) has recently unveiled that it plans to pour in some capital in the renowned car sharing industry giant Turo, Inc., headquartered in San Francisco. Reportedly, this investment of SCOA was a part of its Series D funding round and will provide Turo with all the additional capital to expand its business space in the Asia Pacific region – particularly in the Japan car sharing industry.
Reliable reports revealed that the investments by the SCOA is the latest made in the series of advanced automotive technologies and is touted as a strategic step to realign its business model in the rapidly changing landscape of the automotive & transportation industry. For the record, SCOA has also backed several fleet and auto technology firms in 2017 comprising Rivian, Transfix, Veritread, Hyliion, and ActiveScaler.
Industry experts further speculate that SCOA’s investment in Turo will not only provide the company with the necessary financial backing but also with some valuable insights on creating new business lines in the flourishing car sharing market worldwide.
Reliable reports reveal that Sumitomo right now is focusing on investing in three key sectors of the automotive industry encompassing sharing services, electrification, and trucking. Through its strategic investment patterns in these sectors the company aims to integrate new technology and business models with its existing product pipeline and established networks, cite sources.
On the recent investment, Sam Kato, Executive Officer, General Manager, Automobility Division, SCOA, was quoted stating that Turo’s platform will be a game-changer for the company to further pave its way in the future of auto ownership and utilization. The company looks forward to utilizing its unique insight to expand its offering in the Asian marketplace, added Kato.
For the record, Turo, founded in 2009, is so far available at 500 airports and 5,500 cities. Moreover, the company has more than 900 makes & models of cars available to users and offers about USD 625 per month on average to the car owners utilizing Turo’s platform.