(Bloomberg / Brody Ford) — Car-rental startup Turo Inc. is cutting about 150 jobs after withdrawing plans for an initial public offering.
“Due to ongoing economic uncertainty and in order to strengthen our position for long-term growth, Turo has made the very difficult decision to reduce the size of our team by approximately 15%,” a spokesperson said in a statement to Bloomberg.
The reductions hadn’t been previously reported. The company has nearly 1,000 employees and reported $958 million in revenue in 2024, Chief Executive Officer Andre Haddad said in a March blog post.
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The San Francisco startup offers 3.5 million users access to 340,000 vehicles. Its business is similar to other marketplaces like Airbnb and eBay, which don’t build hotels or buy merchandise themselves but build and host platforms to connect buyers and sellers.
Turo had planned to go public but has been waiting years for a more favorable market. In February, it withdrew its plans for an IPO. The startup had raised money from investors at a valuation of more than $1 billion in 2019, making it a sharing economy unicorn.
Earlier this year, the platform came under scrutiny when deadly attacks in Las Vegas and New Orleans each used vehicles rented on the platform.
“Turo remains in a strong financial position and continues to invest in initiatives that enhance the experience for our hosts and guests across the US, Canada, the UK, France, and Australia,” the spokesperson said.
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