On-demand valet service Luxe confirms $50m investment from Hertz

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Source:   —  April 07, 2016, at 10:52 PM

Redpoint Ventures and Venrock will also be participating in the round. Luxe also announced that Hertz Global Holdings CEO John Tague will be joining Luxe’s board.

On-demand valet service Luxe confirms $50m investment from Hertz

As reported by TechCrunch in February, valet service Luxe has presently confirmed that it's raised $50 million in Series B funding from car rental company Hertz. Redpoint Ventures and Venrock will also be participating in the round.

Luxe also announced that Hertz Global Holdings CEO John Tague will be joining Luxe’s board.

“Our investment will support Luxe’s skill to scale its successful service to other major urban centers, while offering our customers enhanced convenience and cost with regard to their urban parking needs,” Tague said today in a canned statement. “Building on an expanded Luxe footprint and capability, we'll partner together to expand new innovative and integrated services that'll enhance the relevancy of our core products in urban markets.”

Luxe pays to have valets stationed throughout major cities, prepared to park a car on a moment’s notice, so this strategic investment will allow the on-demand company with the capital needed to running this high-cost business.

It’s also likely that car rental giant Hertz sees opportunity in urban parking solutions, which it can then, in turn, proposal its customers as well. Travelers, after all, may benefit from a service love Luxe when they're in an unfamiliar city and not sure where to park their ride (and may actually be more likely to even rent a car instead of taking Uber, Lyft or public transport when they know parking won’t be an issue).

Luxe says it plans to utilize the capital to invest in valet, operations, product and engineering teams. The company says it'll also introduce “new services that complement its current parking and car services.”

Luxe is currently offered in six major cities: San Francisco, Los Angeles, Seattle, Austin, Chicago and New York.

Previously, Luxe raised at minimum million in capital from Venrock, Foundation Capital, Google Ventures and others.

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