EverWash Secures $6M Series B from Spring Mountain Capital to Expand Car Wash Membership Network

PHILADELPHIA, March 2, 2022 /PRNewswire-PRWeb/ -- EverWash, the US leader in car wash membership and subscription management, today announced they have closed on a $6M Series B investment from Spring Mountain Capital. 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 funding round comes on the heels of a $5M growth capital financing from Toronto-based Flow Capital, that was announced September 2021.

EverWash offers consumers unlimited car washes at a low monthly price at in-network car wash providers 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.

"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. "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."

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.

"Scott and the rest of the EverWash team have created a powerful solution in an overlooked sector," said Raymond Wong, Managing Director and Head of Growth Equity at Spring Mountain Capital. "Their rapid growth is a testament to their innovative positioning and ability to forge relationships across a large and fragmented industry. As they continue to transform the car wash industry, we're excited to become a partner with them."

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About EverWash
EverWash is the industry's fastest-growing car wash network, with more than 800 participating locations across the United States. EverWash's team of membership experts provides ongoing sales, marketing, and customer support to partner washes, while the EverWash App gives customers the ability to sign-up for and manage their membership anytime and anywhere. Learn more by visiting EverWash.com.

About Spring Mountain Capital
Spring Mountain Capital is an investment management firm that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.

Media Contact

Jennifer Horne, EverWash, 1 313-265-5508, [email protected]

SOURCE EverWash