Mobile Laundry Service Laundrigo Secures New Investment... Raises Total of 50 Billion KRW

Successful Fundraising of 50 Billion KRW in Series B Bridge Round
Industrial Bank Injects 30 Billion KRW in Combined Loan and Investment
Existing Investors Including Altos Ventures, DS Asset Management, Samsung Venture Investment, and SoftBank Ventures Participate

[Asia Economy Reporter Kim Cheol-hyun] Laundrigo, which opened the era of non-face-to-face mobile laundry services in Korea, has raised a large-scale fund of 50 billion KRW. Uisikju Company, the operator of Laundrigo (CEO Cho Sung-woo), announced on the 7th that it raised a total of 50 billion KRW in new funds through massive follow-up investments from new investor Korea Development Bank as well as existing investors Altos Ventures, DS Asset Management, Samsung Venture Investment, and SoftBank Ventures.

Korea Development Bank highly evaluated Uisikju Company's growth potential and innovation through mobile, reportedly investing 30 billion KRW through a combined loan and investment financial structure. Additionally, Altos Ventures participated in all three institutional investment rounds that Uisikju Company had conducted so far and played a leading role in this investment.

Since launching the service in March 2019, Laundrigo has shown an average monthly growth rate of over 15%. Recently, it acquired A+ Machinery, a U.S.-based smart laundry factory specialist company, successfully developing an automatic shipping system tailored to each customer. Recently, it opened Laundrigo’s second smart factory in Seongsu-dong, Seoul, using proprietary technology. Currently, services are available throughout Seoul, Ilsan, Bundang, Gimpo, and Songdo, with plans to expand to most areas of the metropolitan area within the year.

Song Kyung-chan, partner at Altos Ventures, said, "Laundrigo has the potential to grow significantly not only in Korea but also in the global market, which is why we participated in this investment without hesitation."

Cho Sung-woo, CEO of Uisikju Company, said, "We overcame the COVID-19 crisis by pioneering the mobile market with Laundrigo’s non-face-to-face method in the laundry industry, which had relied 100% on offline services." He added, "Since the mobile laundry industry is still in its very early stages, we plan to lead mobile innovation through large-scale infrastructure investments and accelerate global expansion."

This content was produced with the assistance of AI translation services.