Xiamen-based Youshengduo Network Technology, operator of mobile washing-machine-sharing platform Youxi, has revealed that it recently completed RMB 30 mln in Series A funding at a post-money valuation of close to RMB 100 mln. The funding will be used for market expansion and product R&D, according to Youxi founder Huang Kai.
Youxi, founded in September 2016, is a mobile laundry platform that rents washing machines to universities, factories, and budget hotels. Users can remotely control washing machines through Youxi's mobile app, which displays the machine's current status and allows users to reserve the machine and pay for a load.
Youxi's washing machines can be either public or private. A public machine can be placed in an apartment building's laundry room and can handle roughly 6 loads per day, accommodating approximately 50 users. Private washing machines are designed for an average of 1.5 loads per day. Youxi owns the machines and is responsible for management, operations, and servicing, but shares revenue with the renter. Youxi's private washing machines will display that they are only for use by members.
With the completion of the current funding, Youxi plans to fully deploy its machines to universities, factories, and hotels in cities across Guangdong, Hubei, Jiangxi, and Fujian. Youxi will find partners in each city to match local resources and provide follow-up services.
Youxi currently has more than 1,000 orders a day and approximately 30,000 users.