Laundry solution provider, Washlava, has agreed terms with LG Electronics that will see LG become the lead investor in a Series A-1 equity financing deal. LG Electronics’ investment in Washlava is expected to help both companies create solutions that better reach the next generation of users.
Washlava’s technology enables customers to reserve and pay for laundry machines from their smartphones, managing a cashless, end-to-end experience for both the operator and customer. LG Electronics, meanwhile, has a longstanding presence in laundry solutions, creating machines that range from basic washers and dryers to fully integrated smart solutions with a broad range of clothing care options.
Among the next generation of users that the companies are trying to appeal are college students. Comprehensive laundry and payment services on university campuses are commonplace, and students are increasingly demanding convenient, tech-driven solutions to these everyday tasks.
Washlava is already the exclusive laundry partner of card system vendor, CBORD, and provides students at CBORD campus partners the ability to use student ID cards as a form of payment in the Washlava mobile app. Washlava also enables students to reserve washers and dryers, receive notifications about the status of machines, and pay via smartphones.
“We could not be more excited about this important partnership with LG,” says Todd Belveal, founder and chief executive officer of Washlava. “LG’s capabilities and standing in the industry, combined with Washlava’s proprietary IoT technology and user experience, create a platform that cultivates growth and innovation in a market that is primed for modernization.”
Washlava’s entire platform is also hosted on Amazon Web Services, with all credit card, debit card, and prepaid card transactions within the mobile app processed through Stripe, a PCI Service Level Provider Level 1 company. This ensures that that no credit card information ever touches the Washlava infrastructure.