Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Turo hit $958M in revenue in 2024, up 9% from $880M in 2023.</li><li>The company has raised over $500M in total funding from prominent investors.</li><li>Growth has slowed from 213% in 2021 to 9% in 2024.</li></ul>

Sacra estimates Turo hit $958M in revenue in 2024, up 9% from $880M in 2023.The company has raised over $500M in total funding from prominent investors.Growth has slowed from 213% in 2021 to 9% in 2024.

<ul><li>Historically, immigrants to the UK have been overpriced by legacy car insurers (~51% above market average) because of their lack of UK driving history, inspiring Marshmallow (2016) to use international driving records &amp; telematics to underwrite immigrants’ car insurance, delivering ~£220 average savings vs incumbents.</li><li>Riding a historic surge of immigration to the UK with 1.3M arrivals in 2023 (the most ever in one year) and 948K in 2024—both double from pre-2020 levels of ~550K annually—Sacra estimates Marshmallow hit $370M revenue in 2024, up 62% YoY from $229M, generating $25.9M net profit (7% margin) valued at $2B+ (5.4x revenue) after a $90M Series C in April 2025 (Portage Capital).</li><li>After using car insurance as a wedge into the wallet of 1M+ UK immigrants, Marshmallow is now getting into competition with neobanks Monzo &amp; Revolut, building a one-stop financial shop for “thin file” immigrants across personal lending (£300-500M TAM), credit cards (£900M-1.4B), and home insurance (£100-150M), cross-selling into their existing base for cheaper CAC.</li></ul>

Historically, immigrants to the UK have been overpriced by legacy car insurers (~51% above market average) because of their lack of UK driving history, inspiring Marshmallow (2016) to use international driving records &amp; telematics to underwrite immigrants’ car insurance, delivering ~£220 average savings vs incumbents.Riding a historic surge of immigration to the UK with 1.3M arrivals in 2023 (the most ever in one year) and 948K in 2024—both double from pre-2020 levels of ~550K annually—Sacra estimates Marshmallow hit $370M revenue in 2024, up 62% YoY from $229M, generating $25.9M net profit (7% margin) valued at $2B+ (5.4x revenue) after a $90M Series C in April 2025 (Portage Capital).After using car insurance as a wedge into the wallet of 1M+ UK immigrants, Marshmallow is now getting into competition with neobanks Monzo &amp; Revolut, building a one-stop financial shop for “thin file” immigrants across personal lending (£300-500M TAM), credit cards (£900M-1.4B), and home insurance (£100-150M), cross-selling into their existing base for cheaper CAC.

Marshmallow At $370M/year Growing 62% YoY

<ul><li>Turo generated $958M in revenue in 2024, up 9% YoY.</li><li>Turo’s growth slowed further to 9% YoY, but the company is still profitable.</li><li>Turo is left standing as the only major player in peer-to-peer car sharing.</li></ul>

Turo generated $958M in revenue in 2024, up 9% YoY.Turo’s growth slowed further to 9% YoY, but the company is still profitable.Turo is left standing as the only major player in peer-to-peer car sharing.

<ul><li>Turo generated $880M of revenue in 2023, up 18% year-over-year, with their asset-light, peer-to-peer car sharing model that has the potential to scale beyond where startups like Zipcar and Getaround stalled.</li><li>Turo’s business exploded during COVID, growing 213% in 2021 to $469M as traditional rental prices rose due to Enterprise/Avis/Hertz selling off their fleets to capitalize on high used car prices—growth has since decelerated, with Turo growing 18% YoY to $880M in revenue in 2023, valued at $1.25B as of their 2019 Series E for a 8.8x multiple on their 2019 revenue.</li><li>While the Enterprise/Avis/Hertz oligopoly controls 95% of the US car rental market with its fleet of ~2M cars and NPS of 3, Turo’s opportunity is to win on customer experience, with an Uber-esque, city-by-city playbook for expanding internationally to ensure density (Australia, Canada, France, UK so far).</li></ul>

Turo generated $880M of revenue in 2023, up 18% year-over-year, with their asset-light, peer-to-peer car sharing model that has the potential to scale beyond where startups like Zipcar and Getaround stalled.Turo’s business exploded during COVID, growing 213% in 2021 to $469M as traditional rental prices rose due to Enterprise/Avis/Hertz selling off their fleets to capitalize on high used car prices—growth has since decelerated, with Turo growing 18% YoY to $880M in revenue in 2023, valued at $1.25B as of their 2019 Series E for a 8.8x multiple on their 2019 revenue.While the Enterprise/Avis/Hertz oligopoly controls 95% of the US car rental market with its fleet of ~2M cars and NPS of 3, Turo’s opportunity is to win on customer experience, with an Uber-esque, city-by-city playbook for expanding internationally to ensure density (Australia, Canada, France, UK so far).

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Established in 2010, Turo has become the largest car sharing marketplace in the world. It is attempting to complete its IPO in a turbulent IPO market. </li>
<li>Turo's sales and profit growth skyrocketed in 2021. Its sales jumped by 206.5 YoY to reach $330.5 million in 1Q-3Q 2021.</li>
<li>Since the company's inception, hosts have earned more than $1.1 billion in aggregate on its platform.</li>
</ul>


Established in 2010, Turo has become the largest car sharing marketplace in the world. It is attempting to complete its IPO in a turbulent IPO market. 
Turo's sales and profit growth skyrocketed in 2021. Its sales jumped by 206.5 YoY to reach $330.5 million in 1Q-3Q 2021.
Since the company's inception, hosts have earned more than $1.1 billion in aggregate on its platform.


Turo IPO Preview: The Largest Car Sharing Marketplace in the World

United States

Turo Inc is a peer-to-peer carsharing company. The Company allows private car owners to rent out their vehicles via an online and mobile interface. Turo serves customers worldwide.

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Turo (TURO US)

Primer: Turo - 25 May 2026

Marketplace for peer-to-peer daily car rentals from local hosts via mobile app

Sacra

Marshmallow At $370M/year Growing 62% YoY

TL;DR: Immigrants in the UK have historically paid ~51% above market rates for car insurance due to lack of local driving history, inspiring...

Sacra

Turo At $958M Revenue

TL;DR: As traditional car rental giants struggle with debt and fleet management, Turo has emerged as the dominant player in peer-to-peer car...

Sacra

Turo At $880M Revenue

TL;DR: Turo generated $880M of revenue in 2023, up 18% year-over-year, with their asset-light, peer-to-peer car sharing model that has the...

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Turo - 25 May 2026

Marketplace for peer-to-peer daily car rentals from local hosts via mobile app

Sacra

Marshmallow At $370M/year Growing 62% YoY

TL;DR: Immigrants in the UK have historically paid ~51% above market rates for car insurance due to lack of local driving history, inspiring...

Sacra

Turo At $958M Revenue

TL;DR: As traditional car rental giants struggle with debt and fleet management, Turo has emerged as the dominant player in peer-to-peer car...

Sacra

Turo At $880M Revenue

TL;DR: Turo generated $880M of revenue in 2023, up 18% year-over-year, with their asset-light, peer-to-peer car sharing model that has the...

Sacra

Turo IPO Preview: The Largest Car Sharing Marketplace in the World

Turo is the largest car sharing marketplace in the world. Sales and profit growth skyrocketed in 2021. Its sales jumped by 206.5 YoY to reach...

Douglas Kim