Washlava, the mobile-first Internet of Things (IoT) start-up, today announced the closing of $9MM in recapitalization and equity financing from the Jacksonville-based Monterey Private Capital and the Tampa-based David A. Straz Jr. Foundation. In addition, the company announced the arrival of Tommy Hart as interim Chief Executive Officer and Michael Wik as Chairman of the Board of Directors.
The Straz Foundation has been a supporter of Tampa Bay performing arts, higher education, visuals arts and civic engagement for over 25 years. Monterey Private Capital has expanded on its existing investment in Washlava, alongside its long-term investments in a number of other Southeast-based startups.
Hart is president of Offload Business Solutions, a professional services firm in Jacksonville offering outsourced payroll and HR solutions. In addition, he was recently appointed Washlava CFO and will now serve dual roles until the appointment of a permanent CEO. Hart replaces founding CEO Todd Belveal, who is leaving the company. Wik, Managing Director of Matrix Capital Advisors LLC, also joins Washlava as Chairman of the Board. The two will collaborate to continue the advancement of the company's mission to transform the laundry industry through the use of mobile technology, with a focus on growth.
"Washlava's impressive IoT technology offering has already demonstrated great traction in its key university housing market, where the company has won contracts at prestigious institutions such as MIT, Syracuse, and Monmouth," said Hart. "Washlava's app-enabled concept store in Tampa has also shown tremendous potential in its ability to improve store performance and ultimately scale. I jumped at the chance to take a more active role that is focused on the advancement of mobile technology and cashless payments and am thrilled to help lead the growth of a company whose mission is to bring industry-wide transformation to a space very much in need of it."
"I founded Washlava six years ago, and I'm proud of the IoT platform we've built and the accomplishments that have come with the shared laundry experience the technology delivers," said Belveal. "It's time for a fresh face at the helm, so I've made the decision to step aside. Tommy and Michael have been ardent supporters of Washlava and I'm confident that together with the board of directors, we will identify the right leadership team to continue to build on the momentum we're already enjoying."
Under Belveal's leadership, Washlava's innovative offerings have allowed customers across multiple shared laundry venues to reserve and pay for laundry machines directly from their smartphones, creating a digital ecosystem for a cashless laundry network. In October 2019, it was announced that Washlava closed a Series A-1 financing round with LG Electronics to further support Washlava in its goal of transforming the self-service laundry industry through its proprietary smartphone-enabled technology platform, helping both brands create forward-looking technology and opportunities for the next generation of users.
Washlava is the laundry experience that lets customers reserve and pay for machines from their smartphones. Washlava intends to transform the self-service laundry industry through its patent-pending, smartphone-enabled technology platform and digital brand by creating a connected, convenient laundry experience for businesses and their customers. The company was founded by Todd Belveal, who previously co-founded the Austin-based, mobile-enabled car rental company, Silvercar (now owned by Audi). For more information, visit washlava.com.
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