Maria Cabral Menezes, formerly of Citadel and JPMorgan, has launched WashWise, a startup offering a "dry shampoo for clothes" to refresh garments between washes. The company secured $1.2 million in pre-seed funding from investors in the laundry industry and finance sector.
The launch of WashWise and its successful pre-seed funding round highlight a growing trend of consumer-focused innovation addressing everyday pain points, particularly among younger entrepreneurs transitioning from traditional finance careers.
Maria Cabral Menezes, a former trader at Citadel and JPMorgan, has launched a new laundry startup called WashWise. The inspiration for the company stemmed from the common problem of managing laundry for busy professionals on Wall Street, who often struggled with smelly gym bags and the cost of dry cleaning. Menezes developed WashWise, a product described as a "dry shampoo for clothes," designed to refresh garments between washes by cleansing, neutralizing odors, and reducing wrinkles.
WashWise recently announced it has secured $1.2 million in pre-seed funding. The investment came from a mix of individuals, including those in the laundry industry, such as the CEO of Cents, and executives associated with prominent firms like JPMorgan, Pickle, Soho House, and SoulCycle. Menezes stated that her background in finance has been instrumental in building the business, particularly in identifying market opportunities, scaling processes, and attracting investors through relationship management.
Despite enjoying her career in finance, Menezes felt compelled to explore entrepreneurship, questioning if her path truly aligned with her strengths. She acknowledged the difficulty of leaving a stable finance career but is now working extensively to build WashWise, drawing parallels between checking stock market screens and monitoring her company's order notifications.