The family office of the owner of the New York Mets, Certares and Knighthead is investing in Oro, which already maintains 45,000 vehicles for ride-hailing companies and is positioning itself in the operation of autonomous taxis.
Hertz announced on Oct. 20 that its subsidiary Oro Mobility was receiving an $80 million capital injection. The round is led by Cohen Private Ventures, the family investment arm of Steve Cohen (founder of Point72 and owner of the New York Mets), alongside funds linked to Certares and Knighthead Capital Management. Hertz retains the economic majority of the company, but Oro becomes a standalone platform with its own resources, led by Doria Holbrook, while Hertz CEO Gil West takes over as executive chairman.
The robotaxis "garage"
Oro operates about 45,000 vehicles in major U.S. markets through three businesses: car rental to ride-hailing drivers, driver-driven fleet management, and autonomous fleet management. It is this last component that attracts investors: robotaxis operators need partners to clean, charge, repair and immobilize their vehicles. Oro is expected to take on this role for Uber's robotaxis program in the San Francisco Bay Area, based on Lucids equipped with Nuro's autonomous driving.
The money will be used to expand the fleet, strengthen operational infrastructure and software tools, recruit and forge new partnerships. Hertz shares gained about 5% on the announcement.
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