SAN FRANCISCO — Smart laundry technology platform Tumble reports it has raised $7 million in seed funding to “modernize the shared laundry experience and transform outdated machines into revenue-generating assets.”
Funding will be used to scale its proprietary software platform—powering an all-digital experience from cashless payment to cycle tracking and machine security—to serve rental properties and residents nationwide, and soon consumers with a new pickup-and-delivery (PU/D) service, according to Tumble.
With only two shared laundry companies capturing the market share, and the vended laundry category (“coin-operated laundries” or “laundromats”) valued at $5 billion overall, the industry is ripe for innovation as Tumble taps into the multifamily industry’s $53 billion potential, the company says. It intends to bring smart laundry to 25 more major metropolitan areas and 200 cities nationwide.
It looks to tap into the growing gig economy once it debuts the new PU/D service. The offering will further expand platform capabilities and value for Tumble customers, and give consumers the opportunity to earn using their existing laundry rooms.
“Our new pickup-and-delivery service provides a way for people to earn money using an existing amenity in their apartment building while tapping into pent-up demand for gig economy workers that may not have, or may not want to drive their car in order to earn extra money,” says Bob Wall, Tumble CTO and former founder of Washio.
The funding round was led by Hivers and Strivers and included participation from Array Ventures, Western Technology Investment (WTI), the PenFed Foundation, Zag Capital, as well as angel investors, including Richard Dalzell, former AWS senior vice president and current board member at Twilio and Intuit, and early Groupon investor Rich Heise. Tumble also secured $1.5 million in venture debt from WTI.
“Tumble is driving the industry towards value creation, instead of extracting income from residents,” says CEO Scott Patterson. “We’re incredibly proud to have the support of our investment partners and customers to further our vision to modernize the laundry experience and, ultimately, end laundry day for good.”
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