CHARLOTTE, N.C.--(BUSINESS WIRE)--2ULaundry, a mobile laundry pickup and delivery service revolutionizing the everyday task, today announced a $20M Series B led by Level 5 Capital Partners (L5). To date, the company has raised $25.4M. With this capital injection, 2ULaundry plans to continue scaling physical locations, making its services accessible to families across the US.
LaundroLab was founded in 2020 as the brick-and-mortar counterpart to 2ULaundry. On a mission to “Make Laundry Happy,” the brand’s high-end amenities, including top-of-the-line equipment, kids’ play areas, and lounge access, deemed it an instant hit among the rapidly increasing number of people tired of losing hours every week to the laborious task of laundry.
Bullish on franchising, 2ULaundry plans to expand with 20 new locations this year and additionally is targeting national partnerships to provide services to businesses such as gyms, fitness studios, Airbnb hosts and more. The 2ULaundry subscription offers customers exclusive access to a full suite of laundry services with a guaranteed one-day turnaround, including standard cleaning of everyday laundry and linens, and a hang dry offering.
L5 invests in brands with long-term vision to be on every corner in order to provide the habit based experiences individuals crave. With an impressive portfolio including early investments in Corepower Yoga and Orangetheory Fitness, L5 provides capital and hands-on support through franchise licensing and retail growth.
L5’s main differentiator lies in their proprietary operating engine, Acceleration Services. Acceleration Services consists of skilled operators with firsthand experience scaling businesses into household names. As a taste-making investor, L5 and Acceleration Services arm their partners with the best resources in the market to grow and scale their brands.
“The $46B laundry and dry cleaning industry is one that is yet to be innovated at scale and 2ULaundry and LaundroLab are on a mission to change that. Our two brands compliment each other in that 2ULaundry pickup & delivery volume gets layered on top of modern, tech-enabled, franchised LaundroLabs. The result is a franchisee with store revenues that far exceed your traditional coin laundry," shared Alex Smereczniak, CEO and Co-founder of 2ULaundry. “With 108 licenses sold, a goal of building our team with over 350 hires, and opening 25 new stores in the next 12 months, we are focused on scaling thoughtfully and our partnership with L5 equips us with the resources to do so as we set out to Make Laundry Happy nationwide.”
“We back companies that bring people together. As the market for community- and habit-based businesses continues to grow in this post-lockdown world, L5 Capital Partners stands at the forefront of this exciting time for brick and mortar businesses," shared Chris Kenny, Founder and Managing Partner of L5 Capital Partners. “2ULaundry is a perfect example of the innovative, people-focused businesses we align with, and we are excited to witness their continued growth.”
In 2021, LaundroLab launched its franchise opportunity. There are currently 29 LaundroLab owners, and 108 licenses have been awarded. With every American doing upwards of 50 loads and 200 hours worth of laundry per year, the teams behind LaundroLab and 2ULaundry are putting a fresh spin on the mundane and old-school mindset around chores, saving people time and money.
LaundroLab was founded in 2020 as the brick-and-mortar counterpart to laundry and dry-cleaning pick-up service 2ULaundry. The brand’s uniquely high-end amenities, including free Wi-Fi, lounge access and arcade games, made it an instant hit among the rapidly growing number of people and families in need of third-party laundry services. In 2021, LaundroLab launched its franchise opportunity, partnering with local entrepreneurs to help the brand continue to grow its footprint in markets across the US. Today, the brand is well on its way to achieving its ambitious nationwide goals, as the company seeks to become a national leader in the $5B (and growing) laundry segment. For more information, please visit https://www.laundrolabfranchise.com/.
About L5 Capital Partners
Founded in 2009, Level 5 Capital Partners is a next-generation growth equity firm investing in market-defining consumer companies with a proprietary operating engine, Acceleration Services. Founded off the basis of recognizing booming boutique fitness brands with the ability to franchise, L5 explores the broader realm of consumer services and experiences with a particular focus on habit forming brands in the fitness, kids, family services, beauty and wellness sectors. L5 leadership’s operating experience serves as the basis for the team’s differentiated investment strategy and process, allowing them to capture the early range of the lower-middle market (brands with annual revenues of less than $20M) and can pursue these opportunities due to the depth and expertise of L5’s operating team. L5 Capital Partners is based in Atlanta, Georgia. To learn more visit: www.lfivecapital.com