Laundry service platform Youxi receives USD 4.4 million for Series A
Founder: Huang Kai
Founded in: 2015
Financing status: RMB 30 million (USD 4.4 million) Series A round in 2017
Laundry service platform Youxi on Friday received USD 4.4 million for its Series A financing round for business expansion.
Sharing economy is a catch in China! We have witnessed the prevalence of bike-sharing and power bank rentals, and the sharing economy is continually expanding with the introduction of new business models. Now, people can rent umbrellas, parking spaces, and clothes from an array of sharing economy businesses. Today, new laundry service companies have secured funding based on the sharing economy.
Youxi is a laundry service platform that mainly provides students and blue-collar workers with laundry services. It mainly places its washing machines in university campuses, large factories, and apartments for customers to rent.
Users can download an app to access Youxi’s laundry services. They can find available washing machines nearby on its app – which is similar to the bike-sharing model – and users can place orders and complete payment online via its app. Users can also monitor the wash cycles of the washing machines in real time. In addition, users can remotely control the washing machines with their mobile phones through its app.
Founded in 2015 in Xiamen, more than 30,000 users have accessed its laundry services. It receives an average of 1,000 orders daily with a monthly turnover of RMB 120,000.
This Series A financing round was from Newhuadu Industrial Group. The capital will be used to place more washing machines in new cities, as well as expanding its technology team to improve its online services.
O2O smartphone maintenance and recycling platform Hi Weixiu receives USD 7.3 million for Series A
Founder: Fang Haisheng
Founded in: 2015
Financing status: RMB 50 million (USD 7.3 million) Series A round in 2017
O2O smartphone maintenance and recycling platform Hi Weixiu on Friday received USD 7.3 million for its Series A financing round to expand its business.
Hi Weixiu is an online to offline (O2O) smartphone maintenance and recycling platform that helps customers deal with smartphone problems.
Currently, it provides customers with on-site smartphone maintenance services, smartphone maintenance services at its service outlets, and on-site recycling. Users can also send their smartphones to Hi Weixiu for repair, and it sends the smartphones back to the customers once it is finished with the repairs.
Customers can place orders online, and the company’s engineers will provide door-to-door services within a short time. The price is set via its official website and customers can make payments online. In addition, the company has its engineers record videos of the whole maintenance process.
Founded in 2015 in Shanghai, the company receives 1,500 orders for on-site smartphone maintenance daily, as well as welcoming an average of 100 customers for each of its service outlets.
This Series A financing round was led by Kingnet, and it plans to use the fund to expand its maintenance and recycling services, while investing more on the development of its online platform.
(Top photo from 58pic.com)