Upfront Backs Luxury Valet Parking Service

Los Angeles-based venture capital investor Upfront Ventures is one of the investors in a new, luxury valet service launching in San Francisco, called Luxe. Luxe said Thursday that it has raised $5.5M in a seed funding round, from Redpoint Ventures, Google Ventures, Sherpa Ventures, Lightspeed Venture Partners, Upfront Ventures, Foundation Capital, BoxGroup, Slow Ventures, Data Collective, Eniac Ventures, Rothenberg Ventures, as well as others. The service--currently only available in San Francisco--offers up parking for $15 a day or $5 an hour for any location in San Francisco, which is known for lack of available parking spots in the city and very high parking spot prices. Valet parking seems to be on the minds of investors lately, with at least one Southern California startup--valet parking startup Curbstand--also recently announcing a round of funding. More information »