Laundrapp has been acquired out of administration by Inc & Co Group

After it ran recently into cash flow difficulties and was forced into administration, Laundrapp has been acquired by Inc & Co Group, a London-based holding company that buys digital businesses. The goal is to help the startup capitalise on the global market for tech-assisted dry cleaning, which is projected to reach $52 billion by 2022, up from $12 billion in 2017.

One of the most important investors of Laundrapp since 2015 was Michael Spencer, one of the City of London’s most successful entrepreneurs, the founder of interdealer broker ICAP and substantial donor to the Tory party. He had invested close to £2m personally and via his private investment group IPGL. Founded in 2015, Laundrapp provides a laundry and dry cleaning service via its app.

Inc & Co acquires digital companies across sectors such as SaaS, PR, and software development, with plans to provide operational support and help businesses scale.