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Startups

Laundrygo raises over $40 mn from SoftBank Ventures, Altos Ventures

The startup has ushered in an era of contactless laundry service, attracting investors betting on its growth potential

By Sep 08, 2021 (Gmt+09:00)

Laundrygo raises over  mn from SoftBank Ventures, Altos Ventures

South Korea’s first contactless laundry service startup Laundrygo has raised 50 billion won ($43 million) in a follow-on investment from investors including SoftBank Ventures, Altos Ventures, DS Asset Management and Samsung Venture Investment, according to the company on Sept. 7.

Betting on the company's growth potential, the Korea Development Bank has also joined the funding round, injecting 30 billion won. Since its inception, the company has been logging over a 15% average monthly growth rate. 

Founded in March 2019, Laundrygo offers a non-face-to-face laundry service where users place their dirty laundry in a pick-up box in front of their house. The box is retrieved and the clothes are washed, dry cleaned, and then shipped back to the user.

“We’ve pioneered a new segment in the laundry industry, which used to only operate as a 100% offline business," said Cho Sung-woo, the chief executive of Laundrygo.

According to Cho, the mobile laundry industry is still in its very early stages and Laundrygo aims to take lead in the segment by focusing on mobile innovation and ramping up its overseas expansion plans.

The company has also developed the world's first automated laundry delivery system following its acquisition of the US-based A+ Machinery, an engineering, procurement and construction (EPC) solution provider for smart laundry factories.

Laundrygo currently offers its services in Seoul, Ilsan, Bundang, Gimpo and Songdo. The company plans to expand its services across most of the metropolitan areas within the year.

The company raised 6.5 billion won in a Series A funding round in 2019. A year later, Laundrygo secured an additional 17 billion won in a Series B round.

Write to Jong-woo Kim at jongwoo@hankyung.com

Danbee Lee edited this article.

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