Charlotte startup 2ULaundry continues to grow with its acquisition of The Folde, an Austin, Texas-based laundry delivery service.
2ULaundry says the deal will bolster its market presence and advance its mission of becoming the first nationally recognized brand in laundry and dry cleaning. Financial terms of the deal were not disclosed.
The local startup, founded in 2016, serves as a valet laundry and dry-cleaning pickup service. Alex Smereczniak and Dan D'Aquisto co-founded 2ULaundry to put a modern spin on the "old-school mindset around chores" and to "make laundry happy."
This is the company's first acquisition.
It comes after 2ULaundry closed on $20 million in Series B funding earlier this year. The round, led by Atlanta-based Level 5 Capital Partners, will allow 2ULaundry to open 25 LaundroLabs over the next year and hire about 350 team members, including 50 in Charlotte. The company will also expand its 2ULaundry subscription service to more than 20 new cities this year.
In 2020, the startup founded LaundroLab, a modern laundromat that serves as a counterpart to 2U — and as a franchise opportunity. 2ULaundry currently operates in five states including the Carolinas, Florida, Georgia and Texas.
Smereczniak said the acquisition of The Folde provides 2ULaundry a huge market opportunity in the laundry and dry-cleaning pickup and delivery ecosystem.
"We are confident that acquiring The Folde places us in a superior position compared to any other company in the industry," he said. "We are committed to delivering exceptional service and convenience to our customers, and we see tremendous potential to redefine the laundry and dry cleaning experience on a national scale — especially now, more than ever, with what the two combined companies have learned."
2ULaundry's purchase of The Folde also reflects a larger purpose of advocating for equality within the industry, the startup said. Laundromat owners have historically been unable to leverage the growth of their business to "overcome cost and bureaucratic obstacles from municipalities, manufacturers and other vendors," according to a press release. 2ULaundry aims to change that tradition.
"By coming together, we believe that we can have a positive impact on the laundry and dry-cleaning industry as a whole," Smereczniak said. "We are stronger together than as separate entities, and we aspire to create opportunities for other industry players to be treated fairly and with the respect they deserve."
Mark Vlaskamp, co-founder and managing partner at The Folde, said the acquisition provides an opportunity to demonstrate the laundry delivery service industry is scalable. The company was previously limited to its two markets in Houston and Austin.
"In the beginning, we set out to prove that delivery laundry service was a real, scalable business within laundromats," Vlaskamp said. "But that was limited to our two Texas markets. Now, it is time to take that all across the country."
