Sova VC leads Laundryheap Series A round
On-demand laundry and dry-cleaning platform Laundryheap has raised USD3.5 million as part of Series A round led by Sova VC, the firm’s second deal since launch following its investment of USD2.5 million in the Series B round of translation platform Smartcat.
This round was joined by the SidebySide Partnership. Sova VC is a London based VC firm launched in December 2020, with plans to invest over EUR50 million of capital in building a portfolio of more than 20 early-stage tech companies.
During the pandemic, Laundryheap introduced new ‘virus wash’ services and extra-hot cleaning offerings, as well as extended support for their B2B clients. They said they've also focused on making their supply chain more sustainable through green cleaning techniques and low-carbon transport.
“Laundryheap stood out to us as a company with excellent unit economics, the ability to scale even during a difficult period, and an impressive senior leadership team,” said Sova VC partner Alexander Chikunov (pictured).
“It’s a great example of the type of company we want to work with and fits perfectly with our focus on high-potential technology companies with a particular emphasis on B2B and B2B2C marketplaces and software platforms,” added Chikunov.
The company is currently present across eleven international markets and will use the funding to accelerate its expansion, with a stated aim to triple the size of the business by the end of 2021.
Founded in the UK in 2014, Laundryheap provides door-to-door laundry and dry-cleaning services, returning items to users within 24-hours. According to Deyan Dimitrov, CEO & founder of Laundryheap, the company hasn’t focused on the kind of 'growth at any cost' expansion that some other on-demand businesses have. “We bootstrapped for the first few years of our operation and didn’t raise our seed round until we were confident in our model,” he explained.