[Aju News DB]
SEOUL -- LG Electronics, a top home appliance maker in South Korea, has made an equity investment in Washlava, an American mobile technology startup known for a shared laundry experience which lets customers reserve and pay for machines from their smartphones.
LG said Friday it was supplying Washlava with washing machines and dryers without disclosing financial details on its participation in a Series A-1 equity financing round. An "A" round, or Series A financing, usually in the form of convertible preferred stock, is the first major round of business financing by private equity investors or venture capitalists.
In an article published on its website, Washlava said that with the recent investment, Washlava is strongly positioned to expand rapidly into high priority markets, which include retail laundromats and college campuses.
"Our investment in Washlava is in consideration of its innovative technology in laundry solutions and our confidence in Washlava's exceptional management team and continued success," LG's global open innovation Kim Sung-wook was quoted as saying.
“As a global leader in the home appliance and consumer laundry space, LG is well positioned to further cultivate and advance Washlava’s growth and expansion across markets, especially US college and university campuses,” said Washlava's founder and CEO Todd Belveal. “this partnership will benefit the successful integration and implementation of advanced IoT technology in residence hall laundry environments that are eager for modernization and upgraded amenities.”
Washlava is an alliance partner of CBORD, a leading provider of commerce solutions in higher education. Students from select schools with Washlava’s technology can reserve washers and dryers, receive notifications about the status of their machines, and pay all via their smartphones.
reporter
Lim Chang-won
cwlim34@ajunews.com
