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Lynens Secures Pre-Series A Investment for Innovative Laundry Services

2024-02-23 < 1 min read

Lynens Secures Pre-Series A Investment for Innovative Laundry Services

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Lynens, a South Korean company offering laundry and rental services tailored for accommodation providers, has secured pre-Series A investment from Big Basin Capital and BonAngels Venture Partners.

Founded in April 2023 by CEO Choi Kyung-joo, formerly the head of the B2B business division at Laundrygo, a mobile laundry service in Korea, Lynens collaborates with industry experts in the field of industrial laundry. The company prides itself on the motto of “excellent operations.” Lynens opened its first factory just three months after its establishment in July of the previous year and has rapidly expanded, unveiling a second factory in January.

With the recently acquired funds, Lynens aims to invest in expanding its laundry production facilities and revolutionizing service quality. The company plans to open its third factory in Gimpo in March, with the capacity to process 3,000 tons of laundry annually. Concurrently, Lynens is actively pursuing mergers and acquisitions of promising companies in the same industry.

Big Basin Capital, the lead investor, remarked, “The domestic B2B laundry market, traditionally characterized by numerous small and fragmented businesses, has undergone significant changes post-COVID-19. Leveraging their in-depth understanding and expertise in the laundry industry, the Lynens team is well-positioned to provide specialized high-quality services to B2B clients, anticipating swift market dominance.”

Choi Kyung-joo, CEO of Lynens, stated, “We are committed to delivering more reliable services to our clients by concurrently focusing on quality innovation and expanding production facilities.”

[Funding News in Korea]

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