On-demand laundry and dry cleaning startup 2ULaundry has closed a $6 million Series A co-led by the Florida Funders and Morgan Creek Capital. Engage, Reform Ventures, Service Provider Capital, and individual angels also contributed capital.
The Charlotte and Atlanta-based company will use the funding to expand to several new markets, specifically targeting cities in the South.
“Cities in the South and Southeast are the fastest-growing in the country,” says co-founder and CRO Dan D’Aquisto. “Companies here are competing for talent with Facebook and Airbnb out in the Valley, who already have free dry cleaning on site for employees.”
2ULaundry services individual consumers, apartment and condo complexes, and employers.
D’Aquisto tells Hypepotamus that they are looking at Raleigh, Nashville, Tampa, Austin and Dallas, among others, with plans to launch in 4-6 new cities within the next 24 months. The service currently has thousands of customers across Charlotte and Atlanta.
D’Aquisto and childhood friend Alex Smereczniak founded 2ULaundry after Smereczniak successfully grew a university campus laundry business while still a student. He sold that business for 10 times what he bought it.
After going through the Techstars Atlanta accelerator in 2017, 2ULaundry raised seed funding of $2.5 million from Cox Enterprises, Techstars Ventures and Full Tilt Capital.
D’Aquisto says that the investors in this A round were strategic, pointing to Florida Funders’ strength in helping marketplace companies launch and grow in the Sunshine State.
Meanwhile, Atlanta-based Engage can help the company gain access into the corporations it partners with — giants like Delta, The Home Depot and more.
D’Aquisto shares that they are currently in the midst of rolling out a ‘2U Business’ program, which provides 2U services to employees as a corporate perk.
“It’s a no-brainer when we think about our best customers — they are busy professionals, whether a young professional or a family where both the parents are working. We’ve found corporations to be a great acquisition channel,” he says.
As the company enters new markets, they are also making key hires across finance, technology, and growth marketing.
“The laundry industry is a $40 billion market opportunity that has seen very little disruption over the last few decades,” says Anthony Pompliano, Partner at Morgan Creek Capital. “We’re betting that 2ULaundry can build the next great national brand in this space.”
