Flow Capital portfolio company EverWash Secures $6M Series B Equity investment to Expand Car Wash Membership Network
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.
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.
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