Hertz Global Holdings has secured $80 million in strategic equity investment for its subsidiary, Oro Mobility. The funding round was led by Cohen Private Ventures, with participation from affiliates of Certares Opportunities LLC and Knighthead Capital Management.
Under the terms of the deal, the investor consortium acquired Class A Common Units. While the investors hold 50% of the voting rights, they retain approximately 15.86% of the economic rights in the company.
The governance structure of Oro Mobility will feature a six-member board, evenly split between three designees from Hertz and three from the investor group. Hertz will continue to provide fleet and operational services to the subsidiary.
Oro Mobility intends to allocate the capital toward expanding its fleet, infrastructure, and technology. The company focuses on three primary areas: rideshare rentals, driver-led fleet management, and autonomous vehicle operations.
The company plans to launch robotaxi services in the Bay Area later in 2026, utilizing Lucid vehicles integrated with Nuro technology. Oro currently maintains a partnership with Uber for driver-led operations and has recorded over six million miles in managed fleet activity.
