Laundryheap, the world’s fastest growing on-demand laundry and dry cleaning platform, has announced a $3.5 million Series A round led by Sova VC, a new fund that just launched about three months ago. SidebySide Partnership also invested in the round.
Founded in the UK in 2014, Laundryheap offers door-to-door laundry and dry cleaning services to consumer and business customers, including major brands, returning items within 24 hours. CEO and founder Deyan Dimitrov says the company has focused on sustainable growth, carefully bootstrapping for the first few years until the business model seemed secure, then raising a seed round. After strong performance over the last year, the time has come to invest in rapid expansion.
In 2020 the company broke into several new markets, including the US, Sweden, Singapore and across the Middle East in Dubai, Abu Dhabi, Qatar, Bahrain and Kuwait. In the US, where the platform is now operational in five cities, the company reports month on month growth of 50-100 percent. In the Middle East, customer growth is hitting 60-80 percent month on month. Now the plan is to enter more international markets while maintaining sustainable growth and profitability. Laundryheap marks Sova VC’s second deal since launch, after investing $2.5 million in the Series B round of Smartcat, a global B2B translation services marketplace.
Photo: CEO of Laundryheap, Deyan Dimitrov