Brazil's Turbi Secures $29M from Itau, Gearing Up for IPO in Car-Rental Revolution
Bloomberg.com11 hours ago
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Brazil's Turbi Secures $29M from Itau, Gearing Up for IPO in Car-Rental Revolution

Startup Funding
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funding
carrental
ipo
brazil
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Summary:

  • Turbi, a Brazilian startup, secured $29 million in funding from Itau Unibanco

  • The investment will fuel domestic expansion and prepare for a potential IPO

  • Specializes in car rentals by the hour, disrupting traditional rental models

  • Backed by strong leadership including CEO Daniel Prado and CFO Mario Liao

Turbi's Major Funding Milestone

Brazilian startup Turbi, known for its innovative car rentals by the hour, has successfully secured a 156 million-real ($29 million) local note issuance. This significant financial backing was anchored by Itau Unibanco Holding SA, one of Brazil's largest banks, marking a pivotal moment for the company.

Strategic Expansion and IPO Ambitions

The newly acquired funds are earmarked for domestic expansion, allowing Turbi to scale its operations across Brazil. More importantly, this move is a strategic step towards preparing for a potential public offering (IPO), signaling strong investor confidence and growth prospects in the competitive car-rental market.

Leadership and Vision

Key figures driving Turbi's success include Daniel Prado, CEO and co-founder, Mario Liao, CFO, and Eduardo Portelada, investor relations director. Their leadership is crucial as the company navigates this expansion phase and eyes future public markets.

![Turbi’s leadership team: Eduardo Portelada, Daniel Prado, and Mario Liao](Source: Turbi)

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