Laundryheap

Idea

Introduction

Laundryheap is the world’s leading on-demand laundry and dry cleaning service. We are the global market leader with a presence in 11 countries and 21 cities and have completed over a million orders to date.

We provide the service to our customers by using third-party commercial cleaning facilities and our own fleet of partner drivers in all of our markets to ensure the highest reliability of service and efficient operations.

Laundry is a daily necessity globally. In the UK alone, households do 260 washes annually, with an estimated market potential of over £80 billion, nearly 5% of the GDP. We believe Laundryheap is poised to capture a significant share of this market.

Our services are used by consumers and businesses, incl. restaurants, bars and spas. We've partnered with over 350 hotels in London & serve thousands of short-term apartments.

Substantial accomplishments to date

Laundryheap has grown over 5x since 2020 and is now generating over £20mil in annual run rate* (Run rate is calculated based on Jan '24 performance). We’ve always been very capital efficient and in Q4 2023 we achieved positive EBITDA, which we expect to continue to grow in 2024.

Our profits, together with this funding, will allow us to be more aggressive in our growth plans and scale the Laundryheap service even faster.

Laundryheap has strategically acquired key competitors like Laundrapp and Zipjet in London, and Wast and Lavoir Moderne in Paris, cementing our position as the top laundry app in these cities.

These lucrative deals have allowed us to immediately gain users at low cost and consolidate the market, meaning more efficient operations (lower logistics cost). This has also resulted in long-term cheaper costs to acquire users in these markets due to lower competition.

Laundryheap has invested in a fleet of e-cargo bikes, which can be seen delivering laundry in London, Dublin, Amsterdam and Paris. We calculate these green vehicles have saved nearly 200 tonnes of carbon emissions, contributing to cleaner air in our cities while providing efficient and timely service to our customers.

CityAM called us a “clothes cleaning behemoth” with “eye watering levels of growth”

Users love Laundryheap and we have thousands of positive reviews. We are rated 4.6/5 on the Apple app store.

Ranked 18th Fastest Growing Tech Company in the UK by Deloitte (2019)

Ranked 72nd Fastest Growing Company in Europe by the FT (2020)

Monetisation strategy

Our revenue comes from providing the service. We charge the customers, pay our cleaning partners and drivers, cover our fixed costs and have recently been turning a profit.

At this level of scale, we're creating a barrier for scale for new entrants as we build significantly more efficient operations, incl. a technology platform used in all markets, global team and very efficient logistics fleet.

Laundryheap's revenue comes from four main sources:

B2C - providing services to individuals;

B2B - servicing restaurants, bars, bakeries and other businesses;

B2B short-term rentals - our service is specifically designed for short-let management agencies;

B2B2C - partnering with major hotel chains to provide hassle-free laundry service to their guests.

Team

We have built a highly skilled global team of over 130 people, which is spread across London, Paris, Dubai, Singapore, Bangalore, and Ljubljana.

Use of proceeds

– Expand marketing channels and drive brand awareness;

– Further develop the sales team in newer markets;

– Progress on potentially lucrative acquisition deals to onboard users at low cost;

– Continue our operational optimisations to maximise efficiencies at scale.

*based on unaudited management accounts.