Funding
Oro Mobility Secures $80 Million Strategic Equity Investment as Hertz Retains Majority Ownership
By News Desk ·
Key takeaways
- Oro Mobility secured an $80 million strategic equity investment from a consortium including Cohen Private Ventures and funds affiliated with Certares and Knighthead Capital Management.
- Hertz will retain majority economic ownership of Oro and continue as its fleet and corporate services partner.
- Oro operates approximately 45,000 vehicles across every major U.S. mobility market, spanning rideshare rentals, driver-led fleet management and autonomous vehicle fleet management.
Hertz-backed Oro Mobility has secured an $80 million strategic equity investment from a consortium of investors, including Cohen Private Ventures and certain funds or accounts affiliated with Certares Opportunities LLC and/or Knighthead Capital Management, LLC or an affiliate. Hertz announced the investment on October 20, 2026, according to Business Wire.
Oro Mobility's $80 Million Equity Round
The investment establishes Oro as a standalone growth platform with dedicated capital, talent, flexibility and strategic focus to scale across the mobility ecosystem. Hertz will retain majority economic ownership of Oro and continue as its fleet and corporate services partner, enabling Hertz to participate in Oro's growth while Oro benefits from Hertz's operational capabilities and scale.
Oro operates approximately 45,000 vehicles across every major U.S. mobility market, serving as the ownership, orchestration and operations layer that connects vehicles, technology providers and consumer demand. 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.
"At Hertz, our strategy is anchored in the belief that our century of expertise can lead a new era of mobility, and Oro is a powerful example of that in action," said Gil West, CEO of Hertz and Executive Chairman of Oro Mobility. "This investment underscores the strong foundation we've built at Oro and the immense opportunity ahead, validating both Oro's trajectory and Hertz's transformation strategy."
Doria Holbrook, CEO of Oro Mobility, said the investment gives the company "the capital, focus and strategic partners to accelerate our growth and support the evolving mobility ecosystem." Andrew B. Cohen, Chief Investment Officer and Co-Founder of Cohen Private Ventures, said Oro has established a differentiated position in a growing and dynamic mobility market.
Hertz's Funding and Capital History
Hertz's capital activity includes a $400 million raise priced in June 2026, consisting of a $100 million follow-on equity offering of 37 million shares at $2.70 per share and $300 million in 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030, according to akta.pro company records. The same records list a $350 million post-IPO debt round in June 2026, a $375 million post-IPO debt round in September 2025 and a $985 million post-IPO debt round in June 2025.
| Funding round | Date | Amount |
|---|---|---|
| Post-IPO debt | June 2025 | $985 million |
| Post-IPO debt | September 2025 | $375 million |
| Post-IPO equity | June 2026 | $100 million |
| Post-IPO debt | June 2026 | $350 million |
Oro Mobility's Launch and Fleet Partnerships
Hertz launched Oro Mobility as an affiliated operating company in April 2026 and entered strategic fleet partnerships with Uber for both autonomous robotaxi and driver-led rideshare operations, according to akta.pro company records. In May 2026, Hertz announced a partnership with Aeroplan, the loyalty program of Air Canada, providing rental benefits and rewards to Aeroplan members, and a nationwide partnership with The Home Depot to honor military heroes during Military Appreciation Month.
Hertz's Earlier 2026 Moves
Hertz cut its Q2 2026 Adjusted Corporate EBITDA guidance to $50-80 million in June 2026, citing unexpected weakness in the used car market, according to akta.pro company records. The same records show Hertz added 542 Mercedes-Benz Atego trucks in 7.5-ton and 15-ton segments to its commercial fleet, marking its first entry into the 15-ton truck category under Mercedes-Benz Service Complete maintenance contracts.