Turo finished its most recent round of fundraising with a $250 million gain for the company.

The “AirBNB for cars” achieved a valuation that well surpassed the $1 billion mark.

Turo, a peer-to-peer car-sharing startup, was founded in 2010 under the name “RelayRides.” The platform seeks to shake up the car rental industry by using a peer-to-peer system that makes it easy to rent a car for a cheaper rate than you’d get from the traditional car rental industry. In this way, Turo is much like Uber or AirBNB, but for car rentals instead of single rides or accommodations. Cars listed on Turo must meet strict requirements and are all insured under Liberty Mutual. The platform also operates similarly to the other similar apps, offering users sliding bars to adjust the conditions for their desired car rental, including price and rental period. The platform will then match the user with any available cars that meet their requirements.

CEO Andre Haddad is quite confident in his company’s continued success. “When you think about the economics of car ownership, frankly, they don’t really make any sense. People buy expensive cars. They have them for their utility, the convenience. But they’re not really utilized that frequently. And so it’s an asset that depreciates very quickly in value. There’s a lot of operating costs and fixed costs associated with car ownership,” the CEO told Cheddar. Turo currently has over 400,000 cars listed on its platform, and over 10 million users. According to Turo, they are active in 5,000 cities and 56 countries.