Spark finds $30 million in growth capital
Yet another car wash chain has found private equity money for further growth. The East Coast-based Spark Car Wash has raised $30 million of additional growth capital through a Series B round led by GoPoint Ventures.
The investment enables Spark to further develop its expanding store base by bringing modern, membership-driven car washes to a region rich with growth potential. Spark currently has three operating washes, four in active construction, and total pipeline visibility on over 32 locations.
Spark was founded five years ago and is led by ‘a team of highly experienced car wash experts, clean freaks, and car lovers’, the press release learns. Based in Summit, NJ, Spark is currently developing locations across New Jersey, New York, and Pennsylvania.
“Spark is dedicated to making car washing an energizing experience for everyone, from our loyal customers to our incredible team members”, says Kyle Van Decker, Spark’s Founder and CEO. “We achieve this through a constant commitment to quality, service, sustainability, and local community building.”
The Series B funding round was led by current investor GoPoint Ventures. “Spark’s differentiated real estate strategy, large market opportunity, and operational excellence make this an exciting opportunity,” says David Zusman, Managing Partner at GoPoint Ventures. “The car wash industry has been ripe for innovation, especially here in the Northeast, and Spark is well positioned to take advantage of this opportunity. We’re thrilled to partner with such a highly talented leadership team.”