The funding round was led by Cohen Private Ventures alongside accounts affiliated with Certares Opportunities and Knighthead Capital Management. By establishing Oro as an independent entity, Hertz aims to decouple its core rental operations from its investment in the future of fleet management.

Oro currently manages a network of 45,000 vehicles, facilitating the industry's shift from individual car ownership to autonomous and driver-led fleets. CEO Doria Holbrook noted that the company intends to capitalize on the growing demand for professionally managed mobility services across major U.S. markets.