Hertz Investing in Luxe

Luxe, an on-demand parking startup, is raising tens of millions of dollars at a more than $100 million pre-money valuation. The Series B round is expected to be led by a strategic investor, Hertz, one of the country's top car-rental companies whose parent firm is worth $3.8 billion in the public market, according to people familiar with the pending deal. Spokespeople for companies didn't immediately respond to a request for comment.

It's an important deal for a beleaguered subsection of the software industry focused on the "on-demand economy," though the valuation, while up 100% from the company's last round a year ago, reflects a relatively tempered optimism around the winners in such categories.

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Luxe presumably will gain access to Hertz customers, who may be able to utilize the parking spots Luxe has leased in several major cities including San Francisco, its home base, and Los Angeles.


Jon Steinberg and Amir Efrati commented on this article.
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