Washlava Announces $9 Million in Financing; Appoints Tommy Hart as Interim
CEO

Company adds David A. Straz Jr. Foundation to list of major investors;
activities strengthen Washlava’s position as leader in Tampa tech scene

Business Wire

TAMPA, Fla. — July 29, 2021

Washlava, the mobile-first Internet of Things (IoT) start-up, today announced
the closing of $9MM in recapitalization and equity financing from the
Jacksonville-based Monterey Private Capital and the Tampa-based David A. Straz
Jr. Foundation. In addition, the company announced the arrival of Tommy Hart
as interim Chief Executive Officer and Michael Wik as Chairman of the Board of
Directors.

The Straz Foundation has been a supporter of Tampa Bay performing arts, higher
education, visuals arts and civic engagement for over 25 years. Monterey
Private Capital has expanded on its existing investment in Washlava, alongside
its long-term investments in a number of other Southeast-based startups.

Hart is president of Offload Business Solutions, a professional services firm
in Jacksonville offering outsourced payroll and HR solutions. In addition, he
was recently appointed Washlava CFO and will now serve dual roles until the
appointment of a permanent CEO. Hart replaces founding CEO Todd Belveal, who
is leaving the company. Wik, Managing Director of Matrix Capital Advisors LLC,
also joins Washlava as Chairman of the Board. The two will collaborate to
continue the advancement of the company’s mission to transform the laundry
industry through the use of mobile technology, with a focus on growth.

“Washlava’s impressive IoT technology offering has already demonstrated great
traction in its key university housing market, where the company has won
contracts at prestigious institutions such as MIT, Syracuse, and Monmouth,”
said Hart. “Washlava’s app-enabled concept store in Tampa has also shown
tremendous potential in its ability to improve store performance and
ultimately scale. I jumped at the chance to take a more active role that is
focused on the advancement of mobile technology and cashless payments and am
thrilled to help lead the growth of a company whose mission is to bring
industry-wide transformation to a space very much in need of it.”

“I founded Washlava six years ago, and I’m proud of the IoT platform we’ve
built and the accomplishments that have come with the shared laundry
experience the technology delivers,” said Belveal. “It’s time for a fresh face
at the helm, so I’ve made the decision to step aside. Tommy and Michael have
been ardent supporters of Washlava and I’m confident that together with the
board of directors, we will identify the right leadership team to continue to
build on the momentum we’re already enjoying.”

Under Belveal’s leadership, Washlava’s innovative offerings have allowed
customers across multiple shared laundry venues to reserve and pay for laundry
machines directly from their smartphones, creating a digital ecosystem for a
cashless laundry network. In October 2019, it was announced that Washlava
closed a Series A-1 financing round with LG Electronics to further support
Washlava in its goal of transforming the self-service laundry industry through
its proprietary smartphone-enabled technology platform, helping both brands
create forward-looking technology and opportunities for the next generation of
users.

About Washlava

Washlava is the laundry experience that lets customers reserve and pay for
machines from their smartphones. Washlava intends to transform the
self-service laundry industry through its patent-pending, smartphone-enabled
technology platform and digital brand by creating a connected, convenient
laundry experience for businesses and their customers. The company was founded
by Todd Belveal, who previously co-founded the Austin-based, mobile-enabled
car rental company, Silvercar (now owned by Audi). For more information, visit
washlava.com.