Seattle-based laundry startup Loopie has sold its business to competitors Rinse, headquartered in San Francisco, and HappyNest, headquartered in Rhode Island.
Loopie is giving its Portland customers to HappyNest and its customers in its other eight cities to Rinse. According to a Rinse spokesperson, no Loopie employees are joining Rinse, and Loopie "is exiting laundry and staying together to focus on a new venture."
The spokesperson added the Rinse team will handle new customers from Loopie. Rinse has more than 500 employees.
The companies aren't disclosing the financial terms, and Loopie's website now redirects to Rinse.
“We’re thrilled to expand Rinse’s presence in Seattle with the acquisition of Loopie Laundry," Rinse co-founder and CEO Ajay Prakash said in a news release. "Seattle is a rapidly growing market for us and we’re excited to streamline laundry and dry cleaning for Loopie’s customers in Seattle. The timing of this acquisition couldn’t have been better.”
Related coverage
Loopie was founded in 2018, according to its LinkedIn page. The startup connected people who didn't want to do laundry with people who were willing to do laundry and make passive income through their washers and dryers.
Rinse was founded in 2013. The company's services are available through the web and an app. Customers can schedule a pickup for their laundry, which is delivered back to customers' doors once finished. The company operates in 12 markets and serves 12 million households, according to Rinse.
HappyNest was also founded in 2018, according to its LinkedIn page. Customers leave their laundry out for pickup, and the clothes are returned the next day. HappyNest has more than 50,000 customers, according to the company.
For more stories like this one, sign up for Seattle Inno newsletters from the Puget Sound Business Journal and the American Inno network.
