Luxe Raises $50 Million Series B to Continue to Deliver On-Demand Valet Parking and Car Services to Consumers

With Luxe's 18x Annual Growth, Hertz Global Holdings Leads Round to Help Scale Up Luxe's Core Services; Develop Innovative, Integrated Products

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Luxe

Apr 07, 2016, 09:05 ET

SAN FRANCISCO, April 7, 2016 /PRNewswire/ -- Luxe, the leader in on-demand valet parking and car services, has secured Series B financing of $USD 50 million from lead investor Hertz Global Holdings and existing investors Redpoint Ventures and Venrock. As part of the funding round, John P. Tague, Hertz Global Holdings president and chief executive officer, and a member of the Hertz Global Holdings Board of Directors, will join Luxe's Board of Directors.

"Our investment will support Luxe's ability to scale its successful service to other major urban centers, while offering our customers enhanced convenience and value with regard to their urban parking needs," Tague said. "Building on an expanded Luxe footprint and capability, we will partner together to develop new innovative and integrated services that will enhance the relevancy of our core products in urban markets."

With this new round of capital, Luxe will build on its mission to make it simple, easy and affordable for people in urban settings to use a car. By investing in its valet, operations, product and engineering teams, Luxe will continue to provide the best customer experience possible and introduce new services that complement its current parking and car services.

"Our mission has always been to make car ownership as painless and easy as possible," said Curtis Lee, CEO, and Co-Founder, Luxe. "I couldn't be prouder of what our team has accomplished and now with Hertz, as a partner, we are looking to make using a rented car just as seamless."

By offering an easy-to-use app and on-demand valets for parking and car services needs, Luxe has grown 30 percent month-over-month since its inception in October 2014, and has seen 18x annual growth. Luxe has hundreds of thousands of downloads and currently operates in six major U.S. cities - San Francisco, Los Angeles, Seattle, Austin, Chicago and New York. The service is used on average 2x a week by thousands of consumers, replacing the way they traditionally park and maintain their cars.

"There are three hallmarks to a great consumer services company," said Ryan Sarver, partner, Redpoint Ventures, "an amazing habit-forming product, a massive market and the right leadership to bring it all together. We're proud to have backed Luxe from its early days as it transforms the $30 billion parking market with a superb consumer experience and compelling business model."

In addition to offering on-demand valet parking, Luxe offers popular car services (car wash, gas refill, and oil change), the option for overnight parking and its designated driver service Drive Home. The company also offers Luxe for Events (parking for special occasions), Luxe for Partners (customer parking for businesses and merchants) and Luxe for Business (parking for employees).

About Luxe

Luxe is the leader in on-demand valet parking and car services, and is making parking and the car ownership experience affordable, easy and stress free. Headquartered in San Francisco, California and available for free download on iOS and Android, Luxe is presently serving San Francisco, Los Angeles, Seattle, Austin, Chicago and New York. Luxe offers a sophisticated technology platform that monitors every step of the parking and car services process from drop-off to pick-up. Luxe only parks at secure lots and garages, and the company's community of valets are some of the most reliable and trustworthy, having gone through background checks and a rigorous interview process and training. Luxe also carries an industry leading $5M insurance policy. Luxe's team is backed by Hertz Global Holdings, and the investors behind consumer technology standouts like Uber, Sonos, Netflix and Nest and is led by a veteran consumer technology team with experience from Google, Zynga, Yahoo! and Groupon. Visit luxe.com for more information.

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SOURCE Luxe