A Tampa-based laundry startup has snagged another investment.
Washlava, which has smartphone exclusive laundromats, received more than $5 million according to an announcement Wednesday. Skyway Capital Markets LLC served as the intermediary for the deal.
This is the second major investment in 90 days for the company. In July, washer and dryer giant LG Electronics announced it would be leading a Series A-1 equity financing round. The result of that equity financing round is unknown, but it followed a Series A investing round which raised $1 million in 2016.
“As a rapidly growing company, it was important that we found a capital partner who could accommodate our unique set of circumstances, including a significantly accelerated timeline and a high degree of certainty of closing,” said Todd Belveal, founder and CEO, in a statement. “This financing will allow us to significantly enhance our valuation and further serve our customers, employees and shareholders.”
The latest investment is non-dilutive growth financing, meaning the company will not have to give up any of its equity to investors. The funds will be used for research and development.
Washlava launched in Tampa in 2017, after originally starting at the University of Florida. The company has smartphone-exclusive laundromats in Tampa and 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. The company also goes beyond laundromats — it has used in dorms, multifamily housing units and Marriott Hotels.
