TAMPA, Fla. — Mobile technology startup Washlava has taken next steps to further modernize the shared laundry experience, agreeing to the terms of an equity financing deal with LG Electronics. LG will be the lead investor in a Series A-1 equity financing.
Washlava’s technology allows customers to reserve and pay for laundry machines from their smartphones, managing the end-to-end experience for both business owners and their customers, cultivating a cashless laundry network. Similar to the creation of cashless convenience stores, Washlava has created a digital environment and product that it says offers a connected and convenient consumer experience.
Meanwhile, LG Electronics has long been a player in the personal laundry market, creating machines that range from basic washers and dryers to fully integrated smart solutions with a range of clothing care options.
LG Electronics’ investment in Washlava will play to the strengths of each company, Washlava says, helping them both create future-oriented solutions that reach the next generation of users.
“We could not be more excited about this important partnership with LG,” says Todd Belveal, founder and CEO of Washlava. “LG’s capabilities and standing in the industry, combined with Washlava’s proprietary IoT technology and user experience, create a platform that cultivates growth and innovation in a market that is primed for modernization.”
Washlava’s services span across multiple verticals, utilizing strategic products and partnerships to offer streamlined and secure services to its customers.
For example, Washlava’s entire platform is hosted on Amazon Web Services, and all credit card, debit card, and prepaid card transactions within the mobile app process through Stripe, a PCI Service Level Provider Level 1 company, ensuring that no credit card information ever touches the Washlava infrastructure.
Also, Washlava is the exclusive laundry partner of CBORD, a Roper Technologies subsidiary and provider of commerce solutions in higher education, which means that students at select schools have the ability to use their student ID cards as a form of payment in the Washlava mobile app. Washlava allows users to reserve washers and dryers, receive notifications about the status of the machines, and pay via their smartphones.
Washlava, founded by Belveal and the group behind Silvercar (now owned by Audi), launched its exclusively smartphone-enabled Laundromat in 2017 in Tampa, Florida. Its shared laundry centers can be found in six cities across the country.