Dallas Startup Week kicked off with a big announcement from the local startup scene.
During a Monday session, University Laundry announced it had been acquired by household care products giant, Procter & Gamble, reported D CEO‘s Danielle Abril. The financial terms of the deal, which closed in December, have not been released.
“We bet the farm on the fact that people hate to do laundry.”
The Dallas startup offers laundry services on college campuses including Texas Christian University and Southern Methodist University. The company dates back to 2003, when Baylor University grads Nathan and Paige Watkins first launched the membership-based service.
“We bet the farm on the fact that people hate to do laundry,” Nathan Watkins told D CEO. “I’m still blown away that we were able to make that happen.”
Now, under the Procter & Gamble name, the startup will be rebranded as Tide University Laundry and is planning to hire some additional employees, according to the magazine. The startup also will remain in its headquarters south of Deep Ellum.
Read more about the deal here.
Delivering what’s new and next in Dallas-Fort Worth innovation, every day. Get the Dallas Innovates e-newsletter.