WeClean raises $900,000 to be Metro Manila’s biggest laundromat player
Summary
Last week, laundromat startup WeClean raised roughly $900,000 in follow-on funding from local and foreign investorsbringing their total funding to $1.2 millionto fuel expansion plans that co-founders Alfonso Bigeriego and Ignacio Phelan claim will position the four-year-old company as the largest fully-owned laundromat player in Metro Manila. Launched in 2017, WeClean aims to provide affordable, quality laundry services to the roughly 80% of busy Manilenyos that the company says do not own washers and dryers. This was something smaller laundromat outfits couldnt match.Noticing this, the team realized their long-term goal of massive growth was suddenly and concretely within reach. We realized there was an opportunity there to buy competitors and roll those assets under one corporate structure, and then become the biggest laundry player in Metro Manila.By the end of May 2020, WeClean added two new locations to their network. Leveraging our know-how, our experienced team, our ability to raise funds, to keep buying competitors at low multiples.This month, the firm also began allocating resources in earnest towards opening more branches organically.