Some of Boston's largest internet businesses, CarGurus and Wayfair, are conjoining themselves. Co-Founder of Wayfair, Steve Conine will be joining CarGurus' board of directors as apart of an expansion of their board.
Conine helped began Wayfair in 2002 along with current CEO Niraj Shah and worked as their chief technology officer focusing on promoting home furnishes retail up until 2015 and currently sits as the co-chairmen on the board.
“Steve is widely recognized as a visionary technology entrepreneur and business leader, and I am thrilled to welcome him to our board of directors,” CarGurus founder and CEO Langley Steinert said in a prepared statement. “His engineering and product expertise and his experience building Wayfair into a major global brand will be of great value to our board and the company."
Wayfair has more than tripled their market valuation since their 2014 public offering to higher than $9 billion which now puts it as the biggest customer focused technology businesses in all of Massachusetts.
CarGurus, who work out of Cambridge, are looking to do the same as Wayfair. They operate an internet vehicle database and market, recently became public just last year, have fund-raised $150 million and found themselves at a $3 billion evaluation only after one day of trading. Since then CarGurus has reached $3.7 billlion evaluation.
Recently CarGurus also had Greg Schwartz, chief business officer for internet real-estate site Zillow, join their board of directors. Their board now also counts Stephen Kaufer, co-founder of TripAdvisor a travel rating website, and Anastasios Parafestas, an investor of real-estate who holds a major share of stock in CarGurus. Parafestas held more than 35% of CarGurus' stock right as the business went public for the first time, and just recently started to sell his stock which now sits at about $150 million worth.
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