Oro Mobility Lands $80 Million to Scale Rideshare and AV Fleets

Oro Mobility has raised $80 million in strategic equity from a consortium that includes Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management. The deal turns the Hertz-backed business into a standalone growth platform, with fresh capital behind roughly 45,000 vehicles operating across major U.S. mobility markets.

Hertz created Oro as part of its broader transformation strategy and will keep majority economic ownership, the company said. Hertz will also continue serving as Oro's fleet and corporate services partner.

What does Oro actually do?

Oro provides what it calls an ownership, orchestration and operations layer connecting vehicles, mobility technology providers and consumer demand. It runs three primary business lines:

• Rideshare rentals
• Driver-led fleet management
• Autonomous vehicle fleet management

The new financing will fund expansion across all three — more vehicles, operational infrastructure, technology capabilities, workforce and strategic partnerships.

The company is built on Hertz's experience in fleet operations, vehicle maintenance, logistics and asset management. Management sees a growing opportunity to supply professionally managed fleet infrastructure as rideshare demand expands and autonomous vehicle deployments increase.

Why did Hertz carve it out?

The structure gives Hertz continued economic exposure to Oro's growth while letting the business operate with dedicated capital and strategic focus. The bet: mobility models are extending beyond traditional rental cars, and purpose-built operators can capture that shift.

Gil West, CEO of Hertz and executive chairman of Oro Mobility, framed the deal as validation of both companies' strategies. "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," West said. "As ride-hail demand expands, autonomous vehicle deployments accelerate and consumers increasingly choose mobility services over personal car ownership, demand is growing for purpose-built operators like Oro. 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, cast the company as infrastructure for the next generation of transport. "The future of mobility will be powered by professionally managed fleets," Holbrook said. "As new mobility models emerge, there will be growing demand for companies that can own, finance, operate and maintain vehicles at scale while delivering safe, reliable service. Oro was built to fill that role. This investment gives us the capital, focus and strategic partners to accelerate our growth and support the evolving mobility ecosystem."

What are the investors buying?

Andrew B. Cohen, chief investment officer and co-founder of Cohen Private Ventures, said the firm sees a defensible position in a growing market. "We believe Oro has established a differentiated position in a growing and dynamic mobility market," Cohen said. "We look forward to supporting the team as they continue to scale Oro, strengthen its capabilities and deliver long-term value."

The $80 million gives Oro dedicated outside capital for the first time while Hertz retains control of the economics. The money now goes toward fleet growth, hiring and technology buildout as ride-hail volumes climb and autonomous operators search for partners who can manage vehicles at scale. How quickly Oro converts that capital into contracts with AV and rideshare players will determine whether the standalone bet pays off.