Image credits: Oxwash
London-based Oxwash, an on-demand laundry and wet-cleaning startup, announced on Tuesday that it has secured £10M (approximately €11.7M) in a Series A round of funding led by Untitled VC.
Existing investors, including Biz Stone, co-founder of Twitter, Indeed founder Paul Forster, and Holly and Sam Branson, Reckitt venture arm Access VC, Pentland Group, Ascension Ventures, Vala Capital, and Truesight Ventures also participated in the round.
New investors in the round include 8 Dimension Ventures, System Capital Management (Ukraine’s largest VC Fund), and Khimji Ramdas LLC.
Oxwash has raised a total of £15.7M (approximately €18.3M) in funding to date.
Fund utilisation
Oxwash says it will use the funds to build a giant facility that can service clients up and down the country. It will also use the funds to expand its national footprint ahead of expansion into the USA.
The UK company is also investing in new methods such as acoustic drying, a way of drying textiles that uses soundwaves instead of heat, as well as robotics and computer vision.
Dr. Kyle Grant, Chief Executive of Oxwash, says, “This new funding will be used primarily to develop our technology and invest deeply into the complete decarbonisation of our proprietary washing process.”
He adds, “Up to 30 per cent will be used for expanding our software technology capabilities, 30 per cent for the deployment of our nationwide processing facility, and the remainder for business development and growth.
Oxwash: What you need to know
Dr. Kyle Grant, after his frustrations with unreliable washing machines on campus, founded Oxwash along with Tom de Wilton in 2017.
The company aims to decarbonise the unsustainable and toxic dry cleaning industry by disrupting the washing process through its technology – typically used in space and hospital sterilisation.
According to Oxwash, customers and businesses place orders online, choose a collection and drop-off time and place, and Oxwash collects, washes, and delivers, all in-house.
The company has also achieved B Corp certification with an impact score of 94.9 – 19 per cent higher than the 80 pass mark threshold.
Dr. Kyle Grant adds, “BCorp accreditation cements our commitment to responsible business and is another assurance to our customers that we are doing business the right way.
“It is undoubtedly the most robust certification available to demonstrate our dedication to sustainability and transparency that Oxwash is taking as a high-growth company,” he says.
Through sustainable process
Oxwash uses next-gen ozone technology to deodorise and sanitise fabrics at lower temperatures and biodegradable chemistry formulation processes to achieve higher than medical-grade disinfection.
Secondly, the company uses a combination of electric cargo bikes, electric vans, and DPDs electric vehicle service for a zero-emission logistics footprint.
Thirdly, Oxwash claims to use ‘wet cleaning’ technique, which offers a sustainable, chemical-free alternative to harmful dry cleaning.
Oxwash intends to eliminate direct greenhouse gas emissions (scope 1) from its operations in the next 12 months.
In the last 12 months, Oxwash has quadrupled its revenue and achieved operational profitability across its three washing facilities, known as ‘lagoons.’
The company plans to collaborate with larger commercial clients in the hospitality and circular fashion. Its clients include the Marriott Hotel Group, the NHS, and Hurr fashion rental platform. The company employs over 80 people and is projecting a 50 per cent increase in headcount in the next year.
Investor
Based out of London, Untitled VC is an early-stage venture capital fund that invests in deep-tech startups with proven traction emerging from the Baltics, CEE, and CIS, as well as already established in the west, disrupting agritech, medtech, robotics, data management, and other industries.
Untitled VC has a physical presence and network within Eastern Europe, Western Europe, and North America, building a bridge between countries.
Magnus Rausing, general partner of Untitled VC, says, “Oxwash is a perfect example of a company that uses advanced technology to improve the product while simultaneously making the world a better place. By continuing to invest in innovation and bringing the service to more people, there is a huge opportunity to scale up and take on the traditional laundry sector here.”
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