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Spiffy Raises $32M in Extended Series B Funding with New Investment by Edison Partners

Wednesday, March 16, 2022 6:54 AM
Spiffy
https://www.getspiffy.com/

Infusion of additional capital accelerates geographical expansion and recruiting efforts for the mobile car care company

RESEARCH TRIANGLE PARK, NC / ACCESSWIRE / March 16, 2022 / Get Spiffy, Inc. (Spiffy), an on-demand car care, technology, and services company, today announced it has raised $10 million from Edison Partners, a growth equity firm that focuses on technology-enabled solutions in fintech, healthcare I.T., and enterprise software. This latest investment extends their recent $22 million Series B funding round.

Spiffy, Wednesday, March 16, 2022, Press release picture

Since 2014, Spiffy has grown from a mobile car wash and detail startup in North Carolina's Research Triangle Park to a nationally-recognized brand for on-demand maintenance and vehicle care. Their mobile model ensures a convenient, frictionless experience with direct-to-customer automotive services for both fleets and individuals across the country.

Expertly-trained W2 technicians arrive for each appointment in an upfitted blue van, complete with the water, power, and supplies needed to get every job done. Each service relies on 50% less water than a traditional car wash and uses eco-friendly chemicals, with used water and oil being reclaimed and recycled upon completion.

"Spiffy has grown into a formidable leader within the mobile car care industry - making it easier for both consumer and fleet clientele to save time with truly convenient services, something we have seen gain exponential value coming out of the pandemic," said Lenard Marcus, General Partner at Edison Partners. "We've enjoyed watching their team consistently rise to overcome new challenges for their customers and look forward to supporting their continued growth in the months and years ahead."

The capital infusion helps Spiffy continue its geographic expansion plans throughout the top 50 U.S. metropolitan statistical areas. The company will also continue to broaden its service offerings for customers and fleet clients in existing markets. That includes the recent announcement of Smart Tumbler, a device that offers fleet managers a safe, reliable solution for odor removal of organic materials, smoke molecules, and bacteria. Another immediate area of growth for Spiffy will be recruitment and retention of employees within their Durham, NC headquarters and throughout their 30+ markets nationwide.

"I've been quoted a lot over the last few years saying vehicles are going to change more in the next 10 years than they have in the last 110, and we are really seeing those drastic shifts now throughout the automotive industry. Our team operates at the intersection of a direct customer experience and aiding larger fleets in need of clean, odor-free, and well-maintained vehicles. Both segments need a trustworthy solution, and that's where Spiffy comes in," said Scot Wingo, Spiffy CEO. "With this investment from Edison Partners rounding out our recent Series B, we're poised to expand our vision for the next level of scale."

If you're interested in learning more about Spiffy or joining the team, visit getspiffy.com today.

About Edison Partners

For over 35 years, Edison Partners has been helping CEOs and their executive teams grow and scale their companies. The firm's investment team brings more than 275 years of combined investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. With experts in enterprise solutions, financial technology and healthcare IT, Edison targets high-growth companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit the website: www.edisonpartners.com. Follow on LinkedIn.

About Spiffy

Spiffy (www.getspiffy.com) is an on-demand technology and services company with the mission to disrupt the car care experience everywhere. Available in over 30 markets, Spiffy offers a variety of zero-contact hand car washing and advanced detailing services, in addition to oil change, tires, brakes, and other preventative maintenance service options. Every service is conveniently performed on-site at fleets, office parks, and residences using the Spiffy Green™ system.

PR Contact:

Grayson Leverenz​
Chief Marketing Officer
Spiffy
[email protected]
919-500-2481
www.getspiffy.com

SOURCE: Spiffy

Topic:
Company Update
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