Level 5 Capital Partners led a $20 million Series B round for 2ULaundry, a mobile laundry pickup and delivery service that is revolutionizing the everyday task. The company has so far raised $25.4 million. With this funding, 2ULaundry intends to expand its physical locations, making its services available to families across the United States.
LaundroLab opened its doors in 2020 as the physical counterpart to 2ULaundry. On a mission to “Make Laundry Happy,” the brand’s high-end amenities, such as top-of-the-line equipment, kids’ play areas, and lounge access, made it an instant hit among the rapidly growing number of people who are tired of losing hours each week to the laborious task of laundry.
2ULaundry plans to open 20 new locations this year and is also looking for national partnerships to provide services to businesses such as gyms, fitness studios, Airbnb hosts, and others. Customers with a 2ULaundry subscription have 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 option.
L5 invests in brands with a long-term vision of being on every corner to provide the habit-based experiences that people crave. L5 provides capital and hands-on support through franchise licensing and retail growth, with an impressive portfolio that includes early investments in Corepower Yoga and Orangetheory Fitness.
LaundroLab will offer franchise opportunities in 2021. There are currently 29 LaundroLab owners, with 108 licenses issued. With each American doing up to 50 loads of laundry and 200 hours of laundry per year, the teams behind LaundroLab and 2ULaundry are putting a new spin on the mundane and old-school mindset surrounding chores, saving people time and money.
