Hertz Global Holdings has secured $80 million from a consortium of investors for its Oro Mobility platform, the company announced Tuesday.
The investment group includes Cohen Private Ventures, Certares Opportunities and Knighthead Capital Management, according to Hertz.
The investors received 50 percent of Oro's voting rights and 15.9 percent of its economic rights, according to a Hertz filing with the U.S. Securities and Exchange Commission.
"This investment establishes Oro as a standalone growth platform, with the dedicated capital, talent, flexibility and strategic focus to scale across the evolving mobility ecosystem," according to the company.
Hertz launched Oro Mobility in April as an operating company that would support Uber's autonomous robotaxi program and provide to Uber a fleet of vehicles operated by Oro employee drivers.
While Uber was the first publicly announced partner, the deal isn't exclusive and the platform is designed to support multiple mobility partners, according to Hertz. No additional partners have been announced.
Hertz will retain majority economic ownership of Oro, according to the company. The new capital "will support the expansion of Oro's fleet, operational infrastructure, technology capabilities, talent and strategic partnerships across rideshare rentals, driver-led fleet management and autonomous vehicle fleet management."
Hertz said Oro is intended to "fill a gap in the transition from personal vehicle ownership to driver-led and autonomous fleets." Across its rideshare rental, driver-led fleet management and autonomous vehicle operations, Oro operates about "45,000 vehicles across every major U.S. mobility market."
Oro initially conducted a pilot in Atlanta, then added Los Angeles, northern New Jersey and San Francisco for its managed rideshare fleets.
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