Providence, R.I., May 18, 2020– The Slater Technology Fund, Rhode Island’s oldest and most active seed-stage investment fund, today announced that it has closed on a special-purpose vehicle (SPV) to invest in fast-growing laundry-as-a-service company HappyNest. The investment comes at a critical time during the pandemic, as it allows HappyNest to capitalize on its function as an essential service to many during the quarantine, who rely on the safety and convenience of outsourced services.

Designed to augment its investment activities that historically relied on state and federal funds, Slater’s SPV is a for-profit entity that comprises private investors, organized as a limited partnership. This is the third such SPV Slater has launched; the other two raised private capital for Slater portfolio companies RxVantage and VoltServer.

HappyNest is a technology-enabled laundry pickup and delivery service expanding nationwide from its headquarters in Rhode Island. Founded by John MacKrell, who originally entered the industry following a career in financial services, HappyNest provides its branded technology platform linking consumers to laundromats around the country, enabling easy, cost-effective on-demand laundry services – a win-win for laundromat owners and consumers alike.

“Slater’s support was a major factor in our decision to expand our operations here in Rhode Island,” said John MacKrell, founder of HappyNest. “Thorne and his team have been tireless supporters of our company, and their recognition of and investment in our vision has been critical to our success.”

“Slater is committed to finding new ways and new partners to support innovation in the region,” said Thorne Sparkman, managing director of the Slater Technology Fund. “The funds are a great mechanism to bring investment opportunities to a larger audience of eager investors, and to pull in advisors from Slater’s network in a meaningful way.”

About Slater Technology Fund

The Slater Technology Fund is an evergreen not-for-profit seed fund dedicated to supporting new venture development in Rhode Island. More than two decades ago, Slater launched a platform for seed-stage investing in Rhode Island; today, the organization remains the most active seed-stage investor in the state. Slater has invested in hundreds of technology ventures in the region, achieving multiple exits while also generating economic impact returns in the form of high-wage jobs.  For more information, visit www.slaterfund.com.

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SVM Public Relations
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