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Steve Case Grosses $96 Million on Zipcar After Early Backing

Steve Case and his Revolution LLC fund for startups will gross about $96 million in the sale of car-sharing service Zipcar Inc. to Avis Budget Group Inc., a deal that validated his early backing in the industry.

Case, the co-founder of America Online Inc., invested in car sharing in the mid-2000s, when the business model was still untested. By August 2012, his fund was the largest shareholder in Cambridge, Massachusetts-based Zipcar, which rents cars by the hour or the day in cities and on college campuses.