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Print Edition StoriesWednesday, October 31, 2007
Zipcar to share merger ride with Flexcar
Cambridge-based Zipcar Inc. reports merging with a Seattle-based car-sharing competitor.
Zipcar and Flexcar plans to combine forces and operate a single car-sharing network under the Zipcar brand from Cambridge. The combined company is expected to be led by Zipcar CEO Scott Griffith as CEO and Flexcar CEO Mark Norman as president and COO, according to the companies.
Financial details of the merger were not disclosed.
Both Zipcar and Flexcar were founded in 1999. Zipcar reports more than 120,000 members and 3,500 vehicles in 35 markets; Flexcar reports 50,000 members and 1,500 cars in 15 markets.
In 2005, Revolution LLC, a Washington, D.C.-based investment firm owned by ex-AOL LLC Chairman Steve Chase, acquired Flexcar for an undisclosed amount.
Zipcar, founded by Robin Chase, has raised $45 million in venture capital. Chase, who stepped down as Zipcar's CEO in 2003, has since launched GoLoco Inc., which operates a social networking website for car-poolers.
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