For the second time in a year, 6-year-old car wash subscription service EverWash has raised millions in venture capital to expedite the company’s growth and expand its product offering.
The $6 million Series B lead by Spring Mountain Capital follows a $5 million raise by Flow Capital — the company’s first — in September. The earlier raise went toward the company’s acquisition of real-time vehicle analytics and machine learning platform omniX Labs, while this raise will help scale marketing for its consumer-facing brand and grow its Philly-based team.
The company’s platform helps users find car washes near them that are included in their monthly subscription. The app will locate car washes near you, and allows customers to “pay” for unlimited washes through a QR code with access 24 hours a day. Sales people at some participating car washes encourage folks to sign up for the app, and customers can use the membership on a month-to-month basis.
“We’re thrilled that the team at SMC have recognized the value and growth opportunities that we offer for our car wash partners,” said Scott Caplan, co-CEO of EverWash, in a statement. “The ability to solidify customer relationships at scale and build recurring revenue is a game-changer for these wash operators. This investment will be integral to the next chapter and help us grow what is already the nation’s largest network of car washes.”
Its acquisition of omniX Labs allowed the company to learn a lot about customer behavior, which will help implement forthcoming plans, EverWash Chief Revenue Officer Scott Pashley told Technical.ly.
Upcoming tech-related plans include adding about six members to its tech team who will continue improving an existing AI communications tool inside the EverWash app. It also hopes to expand its business to work with companies that use fleet vehicles (i.e. rental cars, company cars), integrating the suggestion for car washes along with reminders for regular maintenance and gas fill-ups, Pashley said
“With any subscription model, there’s churn,” he said. “But allowing them to do single washes or a membership, for us, it’s the ultimate loyalty play.”
After operating as a bootstrapped company for eight years, the recent venture capital rounds “turbocharges” its plans. EverWash’s current team stands at about 50 people, which will soon grow, as it continues to add to its 800 partner locations. In-app purchases relating to car insurance, parts or accessories are also in the plans.
“We were bootstrapped up until last year, and we ramped up and manned up,” Pashley said. “We want to double and triple our net worth within the next year. We have the opportunity to be the first consumer brand in the car wash industry.”