TORONTO, March 2, 2022 – Flow Capital Corp. (TSXV:FW) portfolio company EverWash, recently announced they have closed on a $6M Series B from Spring Mountain Capital (SMC). The round will be used to continue to scale the EverWash network of car washes, widely implement recently acquired omnix Labs technology, expand marketing for the consumer facing brand, and grow the Philadelphia-based team.
This equity funding round comes on the heels of Flow Capital’s recent $5M growth capital venture debt investment into EverWash.
EverWash offers consumers unlimited car washes at a low monthly price at in-network wash operators and a user-friendly app to check-in at the neighborhood carwash. The tech company provides car wash partners with a tech-enabled membership platform, staff training, customer service, marketing support, and more.
Car washes are a $15 billion industry in the US and growing — the percentage of drivers that report getting regular car washes skyrocketed from just 48% in 1994 to more than 77% in 2019. It is also a highly fragmented industry, with no one player holding more than 5% market share nationwide. EverWash has built the largest and fastest-growing network of independent and largely local operators, with more than 800 partner locations.
Flow Capital Corp. is proud to be associated with high growth companies like EverWash. “We would like to congratulate EverWash on their continued strong growth and execution. We are thrilled to have a strong technology investor like SMC join us in our support of EverWash. Their investment further validates our view of the significant high growth opportunity facing EverWash,” said Alex Baluta, CEO of Flow Capital.
About Flow Capital
Flow Capital Corp. is a diversified alternative asset investor and advisor, specializing in providing minimally dilutive capital to emerging growth businesses. To apply for financing, visit www.flowcap.com.
For further information, please contact:
Flow Capital Corp.
Alex Baluta
Chief Executive Officer
alex@flowcap.com
1 Adelaide Street East, Suite 3002,
PO Box 171,
Toronto, Ontario M5C 2V9
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Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.
