Turo, a startup that allows consumers to rent their cars to one another, filed an update to its IPO paperwork Friday, detailing its full 2022 financial performance.
The upshot? Turo has continued to grind away and even make revenue gains as it awaits better IPO conditions.
While the IPO market has been frozen for some time, Turo has not given up on its plans to go public. From a private filing back in 2021 and dropping a public S-1 document in early 2022, the unicorn has regularly released quarterly updates to the document. The latest filing fills in its Q4 2022 performance, allowing us to compare its most recent year to those trailing, and providing the market with news on what could be one of the first IPOs to price and start trading when the market improves for such offerings.
As a private company, Turo has raised around a half-billion dollars, including a Series E in 2019 that pegged its valuation at the $1 billion mark; that round was later extended in early 2020 per Crunchbase data.
What does the new filing show us? It indicates that Turo's growth out of the pandemic doldrums continued last year after posting rapid revenue gains in 2021. And that the company has reached new levels of profitability that may prove enticing to investors when the time comes. Let's take a closer look.