CarGurus raises $150 million in IPO
CarGurus, a Cambridge, Mass.-based online car research and shopping platform led by TripAdvisor co-founder Langley Steinert, raised $150 million in its IPO.
Why it's a big deal: Because this is a profitable, East Coast tech issuer valued at more than $1 billion — despite being bootstrapped for its first decade of existence. Oh, and then it raised pre-IPO funding from mutual funds that (gasp) led to an actual IPO. It's the old normal.