Friday, September 8, 2017

Luxe Acquired By Volvo In Asset Deal

Luxury valet and concierge parking startup Luxe, which was backed by Upfront Ventures and which used Los Angeles as one of its launch markets when it started in 2014, has been acquired by Volvo Cars, in an asset acquisition deal. Financial terms of the acquisition wer enot disclosed. Volvo said the buy would give it a "major boost in the development of digital services that simplify consumer experience." Luxe has been looking for a buyer since last year, when it abandoned its original business of luxury, door-to-door valet parking, and shifted to running parking garages; since then, it had been shopping its engineering team to companies in the transportation area.