Croove GmbH

Croove GmbH operates a peer-to-peer car rental platform, enabling vehicle owners to monetize their idle cars and providing renters with convenient access to vehicles in local communities. Founded in 2016 and headquartered in Berlin, Germany, Croove GmbH connects car owners with individuals looking to rent vehicles. In July 2017, Croove was acquired by Turo, Inc. from Daimler Group, which allowed Turo to enhance its presence in the European market.

The company has conducted one deal to date. Croove functions as a private car rental platform, facilitating connections between car owners and renters. The platform enables users to generate income by renting out their cars when they are not in use, ensuring security through member verification and acceptance of only TÜV-certified vehicles. Comprehensive insurance coverage is provided through a partnership with Allianz.

The service targets urban markets where temporary vehicle access is often preferred over ownership, streamlining transactions via a mobile application for booking management, pricing, and rental terms. Croove's revenue primarily comes from transaction fees applied to rental agreements made through its platform. When a vehicle is rented, the rental fee is processed, with a portion retained by Croove as its service fee. This structure allows users to rent vehicles for varying durations, generally on a daily basis, with flexible pricing options based on market demand.

Additionally, Croove's platform supports cryptocurrency payments, diversifying its revenue sources and accommodating users who favor digital currencies. Following its acquisition in July 2017, Croove GmbH plans to leverage Turo's resources to expand its operations in Europe. The acquisition will enhance Turo’s reach in the region, facilitating further growth opportunities. Future initiatives may include the development of new products and services tailored to enhance user experience, alongside targeted expansions into additional European markets to be defined in forthcoming strategic plans.