Hertz Leads $50 Million Investment in Luxe

 

SAN FRANCISCO — Hertz Global Holdings was the lead investor in a recently concluded $50 million Series B round of funding for San Francisco-based Luxe, a provider of on-demand valet parking and car services¬†operating in San Francisco, Los Angeles, New York, Chicago, Boston, Seattle and Austin.

Existing investors Redpoint Ventures and Venrock also participated. As part of the funding round, John 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,” said John Tague, Hertz Global Holdings president and chief executive officer.¬† “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.”

“We set out to invent and lead a new category of on-demand services, making car ownership issues a thing of the past, and helping to redefine the city of tomorrow. I couldn’t be prouder of what our team has already accomplished and with this new support and milestone, we are thrilled to continue to deliver on our mission,” said Curtis Lee, CEO, and Co-Founder, Luxe.

By offering an easy-to-use app and on-demand valets, Luxe has grown 30 percent month-over-month since its inception inOctober 2014 and has seen 18x annual growth. Luxe has hundreds of thousands of downloads with operations in six major U.S. cities. The on-demand app service is used on average 2x a week by thousands of consumers daily, on both a pay-per-use and monthly subscription basis.

Hertz is one of the world’s leading car rental companies operating under the brands Hertz, Dollar, Thrifty and Firefly.