Hertz-backed Oro Mobility lands $80M consortium equity to run its 45,000-vehicle fleet

Oro Mobility has secured an $80M strategic equity investment from a consortium that includes Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management. The deal recasts the Hertz-backed business as a standalone growth platform rather than a unit inside the rental giant.

Oro runs approximately 45,000 vehicles across major U.S. mobility markets and describes its role as an ownership, orchestration and operations layer connecting vehicles, mobility technology providers and consumer demand. It works across three lines: rideshare rentals, driver-led fleet management and autonomous vehicle fleet management.

Hertz created Oro as part of its broader transformation strategy and will retain majority economic ownership, while continuing as the company's fleet and corporate services partner. The structure gives Hertz continued economic exposure to Oro's growth and lets the operating business run with dedicated capital and strategic focus as mobility models extend beyond traditional rental cars.

The new money is earmarked for expanding Oro's fleet, operational infrastructure, technology capabilities, workforce and strategic partnerships across those three businesses. Oro is built on Hertz's experience in fleet operations, vehicle maintenance, logistics and asset management, and management sees a widening opportunity in professionally managed fleet infrastructure as rideshare demand expands and autonomous vehicle deployments increase.

"The future of mobility will be powered by professionally managed fleets," said Doria Holbrook, CEO of Oro Mobility. "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."

Hertz CEO and Oro executive chairman Gil West framed the raise as validation of both the subsidiary's trajectory and Hertz's wider overhaul, pointing to ride-hail demand, accelerating autonomous vehicle deployments and consumers increasingly choosing mobility services over personal car ownership as the forces creating demand for "purpose-built operators like Oro."

Cohen Private Ventures chief investment officer and co-founder Andrew B. Cohen said the firm believes Oro "has established a differentiated position in a growing and dynamic mobility market" and that it looks forward to supporting the team as it scales.

The bet is essentially on fleet operations as a service: owning and maintaining vehicles at scale for rideshare drivers and, eventually, autonomous operators, rather than selling or renting cars the traditional way. That positioning puts Oro between the asset-heavy side of mobility and the software providers whose vehicles and dispatch systems need a managed fleet behind them.