Former
Case, the former CEO of AOL and chairman of Time Warner, stands to earn a bit more when Zipcar’s shares become public. Case’s
Zipcar, a company that rents automobiles by the hour in major metropolitan areas, is one of 14 companies Revolution counts in its portfolio.
The firm has had a busy start to 2010, investing in three companies so far this year, records show. Case and his team backed TweetUp, a company that charges for promoting the posts of Twitter users; Hungry Machine, which does business as LivingSocial.com and sells coupons to users; and Vinfolio, an online wine retailer.
At least two venture firms stand to profit from the Zipcar IPO if it goes through. Both
Other venture investors hold smaller amounts.
Case’s Revolution was one of the major Flexcar shareholders and subsequently became a major Zipcar shareholder.
Zipcar counts some 400,000 people as customers and has managed to grow its revenue to $131.2 million in 2009, up from $13.7 million in 2005. The company has yet to turn a profit, collecting a combined deficit of $51.7 million. —Alexander Haislip
This story erroneously reported that John F. Kennedy Jr., the son of former president John F. Kennedy, stood benefit from the offering. John F. Kennedy Jr. is, in fact a Managing Director of New Day Capital, LLC, a private investment and consulting firm.