The startup that wants to replace quarters at laundromats is getting some change of its own from a national company.
LG Electronics, which has long been in the laundry business creating washers, dryers and extended clothing care solutions, will lead a Series A-1 equity financing round for Washlava. That comes after the Series A funding round which Washlava began in 2016 with a $1 million investment, according to previous Tampa Bay Business Journal reports. Series B is typically reserved for equity financing.
Officials could not disclose if LG and Washlava have a specific Series A-1 goal in mind. However, they said the funding will be used to add talent to the company, as well as increase research and development for its technology.
"We could not be more excited about this important partnership with LG," Todd Belveal, founder and CEO at Washlava, said in a statement. "LG's capabilities and standing in the industry, combined with Washlava's proprietary (Internet of Things) technology and user experience, create a platform that cultivates growth and innovation in a market that is primed for modernization."
Washlava launched in Tampa in 2017 by opening a smartphone-exclusive laundromat. The laundry centers have now expanded to six other locations across the United States, including Austin, Orlando and Monmouth University in New Jersey. The app technology is used to both reserve and pay for laundry, all from a smartphone.
