EverWash, a Flow Capital portfolio company, secures a $6 million Series B equity investment to expand its car wash membership network

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TORONTO, ON, March 02, 2022 (GLOBE NEWSWIRE) — Flow Capital Corp.’s portfolio company EverWash. (TSXV:FW) recently announced that it has closed a $6M Series B investment from Spring Mountain Capital (SMC). The round will be used to further scale the EverWash network of car washes, extensively implement recently acquired omnix Labs technology, expand marketing for the consumer-focused brand, and grow the Philadelphia-based team.

This equity funding round follows Flow Capital’s recent $5 million venture debt investment in EverWash.

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EverWash offers consumers unlimited car washes for one low monthly price at on-network car washes and an easy-to-use app to check in at their neighborhood car wash. The technology company offers car wash partners a technology-enabled membership platform, employee training, customer service, marketing support and more.

Car washes are a $15 billion industry in the US that is growing and the percentage of drivers who report regular car washes has skyrocketed from just 48% in 1994 to over 77% in 2019 . It is also a highly fragmented industry with no single player having a market share of over 5% nationwide. EverWash has built the largest and fastest growing network of independent and largely local operators with more than 800 partner locations.

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Flow Capital Corp. is proud to be associated with high growth companies like EverWash. “We would like to congratulate EverWash on their continued strong growth and execution. We are delighted to have a strong technology investor like SMC join us in our support of EverWash. Your investment further validates our view of EverWash’s significant growth opportunity,” said Alex Baluta, CEO of Flow Capital.

About flow capital city

Flow Capital Corp. is a diversified investor and alternative investment advisor specializing in providing capital with minimal dilution to emerging growth companies. To apply for funding, visit www.flowcap.com.

For more information please contact:

Flow Capital Corp.
Alex Baluta
Managing Director
[email protected]

1 Adelaide Street East, Suite 3002,
PO Box 171,
Toronto, Ontario M5C 2V9

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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