In Spring of 2014, Haverford MI3, in partnership with Overseas Resources Foundation, LTD, invested in Wash Cycle Laundry (WCL) is a start up delivery laundry service. It was an “out of season” investment that was analyzed by a group of students who had previously taken EC298 Impact Investing. The students were impressed both with the business plan and with its multi-pronged environmental and social impacts: 1) contracting with local laundromats to upgrade to latest clean and efficient equipment, then using that equipment with environmentally friendly detergent 2) delivery by bicycle, reducing energy use and emissions 3) hiring from among vulnerable populations. With our investment and other Investors’ Circle members, WCL has expanded to Washington, DC and Austin, Texas. Below, CEO Gabriel Mandujano, who spoke on campus about his experiences as a social entrepreneur last semester, provides an update on WCL’s Impact. Keep up the great work Wash, Cycle, Laundry!
Hi Haverford MI3 and Happy Holidays!
2015 marked 5 years that we’ve been in the business of delivering laundry on bicycles. In many ways, this has been a banner year for us –one we could not have accomplished without you. Together, along with tons and tons of dirty laundry, here’s what we’ve accomplished:
- We started 2015 by receivinga groundbreaking loan from the Distinguished Social Ventures Fund, which ties our repayment terms to our job creation for formerly incarcerated individuals. We hope this type of funding will be an example for many more social enterprises!
- We expanded our business with the opening of a new plant in North Philadelphia, as well as new contracts at George Washington University and Georgetown University that doubled our workforce down in Washington DC.
- We added sick leave and health benefits for our front-line team, all while increasing our average take-home paycheck by 29% for our hourly workers in the past year alone.
- And a few other tidbits: Forbes Magazine wrote about us, we got a visit from Mayor-elect Jim Kenney, and we were named the sixth Most Interesting Cycling Job ever.
Thank YOU for being part of the Wash Cycle family and making this all possible. We look forward what 2016 has to bring — including some big announcements — and all the dirty laundry we’ll haul.
Founder & CEO