Estonian car wash startup raises €500,000 in 20 months

The Estonian car wash startup, UpSteam, that promises to “redefine car wash”, raised half a million euros in the first 20 months of its existence, led by well-known Estonian investors.

UpSteam, a company that has been in business for almost two years, raised €280,000 on the crowdfunding platform, Funderbeam. The rest was invested by the founder of Fortumo, Rain Rannu, and Henri Treude of Spring Capital VC. Other investors included Jaak Roosaare, Madis Müür, Heidi Kakko, Marek Kiisa and Tanel Padar.

The startup is looking to “take car washing to a whole new level by combining other car-care and maintenance services to the platform”.

“The main goal of the seed-round was to raise funds for building a comprehensive application platform, which could be used to start conquering new foreign markets,” the company said in a statement.

According to the company, its investors have valuated it to €2.75 million.

UpSteam is a mobile car wash service that comes to the customer instead of the customer going to a car wash. To date, the company has generated over €150.000 in revenue in the Estonian capital, Tallinn.

“UpSteam has been successful introducing its subscription-based model where people can create their own washing schedule, pay once a month and never see a car wash(er) anymore,” the company said.

I

Cover: An UpSteam cleaning team.

Enjoyed this article?
Please consider becoming a supporter.


About the author: Sten Hankewitz

Sten Hankewitz is a lifelong journalist and Deputy Editor at Estonian World. Having lived in Estonia, Spain, the UK and all around the US, he now resides in Chicago, IL. He loves to write and besides working at Estonian World and doing some occasional blogging, he writes books and contributes to other outlets in Estonia, Israel and elsewhere. He has strong convictions and he shows them unashamedly. You can follow him on Twitter, like his page on Facebook or check out his personal blog. You can write to Sten at sten@estonianworld.com.