Tumble, the Platform Introducing the Modern Laundry Experience, Kicks Off Growth with a Pre-Seed Investment by PenFed Foundation Veteran Entrepreneur Investment Program and Hivers & Strivers Investment Fund
Tumble is a Mobile Application for Cashless Laundry Services in Communal Laundry Rooms
TYSONS, Va., Dec. 7, 2020 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, and Hivers & Strivers, an Angel Investment Group, today announced an investment in Founder/CEO Scott Patterson of Tumble. Tumble's Modern Laundry Experience is bringing laundry day into the 21st century via patent-pending locking technology, cashless payment, cycle tracking and a real-time window into machine availability.
"We are excited to invest in the future of Scott Patterson and the innovative Tumble team," said PenFed Foundation President and retired U.S. Army Gen. John "Mick" Nicholson, Jr. "Veteran entrepreneurs like Scott are a good investment due to their initiative, drive, leadership and creativity. Scott also has an impressive background guiding a number of Fortune 100 companies through disruptive innovation. We are excited for the future."
In addition to its capital investment, the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) is equipping Patterson with a support network and an expanded entrepreneurial education to guide Tumble's early stage success. Patterson, an 11-year veteran of the U.S. Marine Corps Reserves, is currently enrolled in the VEIP Master's Program, where he is learning to raise investor funds through educational programs focused on different aspects of entrepreneurship. Topics include traction, unit metrics, financials, legal, accounting, building an investor pitch deck, preparing for meetings with investors and pitch preparation.
"We are extremely appreciative of the PenFed Foundation and Hivers & Strivers for their vote of confidence," said Patterson. "This investment is further validation of our approach to this problem and how important our work is to millions of Americans. Tumble is poised for exceptional growth and financial strength and we are excited to partner with this team to drive more innovation, impact and success for our clients and users."
Founded in 2018, VEIP has a three-pronged approach to create a robust network for veteran-owned start-ups and businesses:
Investment of seed capital, providing access to other capital investment programs and connecting entrepreneurs to funders;
Preparation through the Master's Program, a year-long fundraising accelerator; and
Education through virtual and in-person Pop-Up Lab workshops.
The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.
Hivers & Strivers is an Angel Investment Group exclusively focused on early stage investments in start-up companies founded and run by veterans. As a company investing in people, not an industry, Hivers & Strivers is incredibly impressed with Patterson's mental agility and integrity.
"As an Army guy, I am not surprised at all that it takes a mud Marine with combat experience to get the laundry done," said General Partner of Hivers & Strivers Doug Doan. "This guy has what it takes to get this company up and spinning. We stand behind him and his vision for the future of the industry."
About PenFed Foundation Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.
About Hivers & Strivers Hivers & Strivers is an Angel Investment Group focused on early stage investments in start-up companies founded and run by military veterans. Military veterans are an exceptional and under appreciated talent pool with leaders of grit, determination and fierce execution skills. We are actively involved with our companies, working with founders to meet disciplined criteria and serving as Board Members, advisors, and opening doors with our vast network. Our goals are to support young veteran entrepreneurs; and to facilitate a successful exit, for both company founders and investors alike that provides a return of 10x the initial investment. We are now on to our third fund, Veteran Capital, after our first two funds invested in the top 1% of this elite group with outsized returns. For further information, visit us online at www.v1776c.com.
About Tumble Tumble's Modern Laundry Experience is bringing laundry day into the 21st century. Billions of dollars and countless wasted hours are spent on coin and pre-paid card driven systems, an unsatisfying 70 year-old status-quo ripe for digital transformation. Tumble machines leverage innovative technology like IoT, digital interfaces, machine learning, and other patent-pending solutions to provide customers with an unmatched user experience. Further information is available at www.tumble.to. Follow Tumble on Linkedin, Twitter, and Instagram @TumbleLaundry