Investing.com -- Hertz Global Holdings Inc. (NASDAQ: HTZ) shares gained 5% in Tuesday morning trading after Oro Mobility, its majority-owned subsidiary, announced an $80 million strategic equity investment from a consortium of institutional investors.
The funding round was led by Cohen Private Ventures, along with funds affiliated with Certares Opportunities and Knighthead Capital Management. The capital injection establishes Oro as a standalone growth platform designed to scale across the broader mobility ecosystem.
Oro operates the back-end infrastructure that powers modern commercial fleets. In short, it buys vehicles, equips them with management software, handles maintenance and logistics, and leases them out to rideshare drivers and tech partners. The company currently manages roughly 45,000 vehicles across major U.S. cities. Under the new arrangement, Hertz will keep majority economic ownership while continuing to handle primary vehicle supply and corporate support.
Management plans to allocate the new capital toward expanding Oro's fleet, operational infrastructure, tech stack, and strategic partnerships. Key target sectors include rideshare rentals, driver-led fleet management, and infrastructure for autonomous vehicle (AV) fleets.
"This investment validates both Oro's trajectory and Hertz's broader transformation strategy," said Gil West, CEO of Hertz and Executive Chairman of Oro Mobility. "As ride-hail demand expands and autonomous vehicle deployments accelerate, the need for purpose-built fleet operators like Oro is growing rapidly."
Doria Holbrook, CEO of Oro Mobility, added that the investment provides both the balance-sheet strength and institutional backing needed to capitalize on shift toward professionally managed fleets.
Hertz launched Oro as a core component of its long-term strategy to monetize its asset management, maintenance, and logistics capabilities within driver-led and autonomous fleet ecosystems.
Original Article
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