Washio closes Series A led by Canaan Partners

Washio, an app for on-demand dry cleaning and laundry has closed a $10.5 million Series A investment led by Canaan Partners. Existing investors Pejman Mar Ventures, Yahoo co-founder Jerry Yang, Sherpa Ventures, A Grade Investments, Troy Carter and others also participated.

PRESS RELEASE

Washio, the leading app for on-demand dry cleaning and laundry service, today announced the closing of their $10.5 million Series A investment led by Canaan Partners. Existing investors including Pejman Mar Ventures, Yahoo co-founder Jerry Yang, Sherpa Ventures, Ashton Kutcher’s A Grade Investments, Troy Carter, and others also participated in the round.

“Canaan Partners’ investment in Washio is incredibly exciting for our team,” said Washio CEO Jordan Metzner. “Their experience with leading marketplaces and on-demand service companies like Lending Club, onefinestay, and Instacart will be invaluable as we expand. We look forward to building the first national brand for dry cleaning and laundry.”

Since its founding in March 2013, Washio has redefined the laundry experience for tens of thousands of customers in Los Angeles, San Francisco and Washington, D.C. Washio’s growth has been swift, with revenue increasing eightfold since September 2013. The company is currently exploring entering additional U.S. markets, including New York, Boston, Miami, Atlanta, Chicago, Austin, Denver, Seattle, and more.

In addition to its expansion efforts, Washio intends to further enhance its user experience and logistics technology by doubling the size of its engineering team, as well as putting more Washio drivers – affectionately known as ‘Ninjas’ – on the road.

“By making laundry service fast, convenient, and affordable, Washio lets people spend more time pursuing activities they love. Just like Uber, Washio is disrupting an antiquated industry. Dry cleaning and laundry is a $15 billion business in the U.S. and there is lots of room for improvement. We’re excited to get our hands soapy!” said Canaan Partners’ Hrach Simonian, who will be joining Washio’s Board of Directors.

About Washio:
Washio (www.getwashio.com) is the app for on-demand dry cleaning and laundry. Based in sunny Santa Monica, California, Washio delivers clean clothes within 24 hours to customers in Los Angeles, San Francisco and Washington, D.C. The Washio app is available on iOS, Android, and Web.

About Canaan Partners:
Canaan Partners (www.canaan.com) is a global venture capital firm that invests in entrepreneurs with visionary ideas. With $3.4 billion under management and over 150 exits to date, Canaan Partners has funded some of the world’s leading technology companies, including PrimeSense, SuccessFactors, Lending Club, Virsto, eBates and Zoosk.

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