The funding round was led by Cohen Private Ventures alongside accounts affiliated with Certares Opportunities and Knighthead Capital Management. By establishing Oro as an independent entity, Hertz aims to decouple its core rental operations from its investment in the future of fleet management.
In section Market Quotes
Hertz Stock Jumps Following $80 Million Funding for Oro Mobility
Shares of Hertz Global Holdings surged 12% to $2.06 on Tuesday, marking a rare gain for a stock that has cratered 60% this year. The rally follows an $80 million equity injection into Oro Mobility, a standalone growth platform in which the rental giant maintains a majority stake.
Oro currently manages a network of 45,000 vehicles, facilitating the industry's shift from individual car ownership to autonomous and driver-led fleets. CEO Doria Holbrook noted that the company intends to capitalize on the growing demand for professionally managed mobility services across major U.S. markets.
Comments (0)
No comments yet. Be the first!