31 Oct Washlava Closes Series A-1 Round with LG Electronics
Further investment highlights Washlava as premier cashless, IoT application for the shared laundry experience
TAMPA, Fla.–(BUSINESS WIRE)–Mobile technology startup Washlava today closed on an equity financing round with LG Electronics (South Korea). With this most recent investment, Washlava is strongly positioned to expand rapidly into high priority markets, which include retail laundromats and college campuses.
Washlava’s innovative offerings, which allow customers across multiple shared laundry venues to reserve and pay for laundry machines from their smartphones, create a digital ecosystem for a cashless laundry network. LG Electronics’ investment in Washlava further supports it in its goal of transforming the self-service laundry industry through its proprietary smartphone-enabled technology platform, helping both brands create forward-looking technology and opportunities for the next generation of users.
“Our investment in Washlava is in consideration of its innovative technology in laundry solutions and our confidence in Washlava’s exceptional management team and continued success,” said Sungwook Kim, head of Global Open Innovation at LG Electronics. “We look forward to growing our relationship to advance the technological development of new laundry solutions.”
“As a global leader in the home appliance and consumer laundry space, LG is well positioned to further cultivate and advance Washlava’s growth and expansion across markets, especially US college and university campuses,” said Todd Belveal, founder and CEO of Washlava. “LG is also a global leader in mobile solutions, and this partnership will benefit the successful integration and implementation of advanced IoT technology in residence hall laundry environments that are eager for modernization and upgraded amenities.”
Washlava is also an alliance partner of CBORD, a leading provider of commerce solutions in higher education, meaning that students from select schools with Washlava’s technology can reserve washers and dryers, receive notifications about the status of their machines, and pay all via their smartphones, using either credit/debit or CBORD-enabled student ID accounts.
Washlava is the laundry experience that lets customers reserve and pay for machines from their smartphones. Washlava intends to transform the self-service laundry industry through its patent-pending, smartphone-enabled technology platform and digital brand by creating a connected, convenient laundry experience for businesses and their customers. The company was founded by Todd Belveal, who previously co-founded the Austin-based, mobile-enabled car rental company, Silvercar (now owned by Audi). For more information, visit washlava.com.
Hill + Knowlton Strategies