Cents, a pioneering business management platform in the garment care sector, has successfully completed a $40m Series B funding round.
This significant financial boost brings the total investment in the company to over $77m, underscoring its commitment to revolutionizing small and medium-sized businesses (SMBs) within the $60bn garment care and repair industry.
The latest funding round was spearheaded by Camber Creek and saw contributions from previous investors such as Bessemer Venture Partners and Tiger Global. The round also welcomed new strategic investments from Tech Pioneer Fund, RXR (RADV), Derive Ventures, Alumni Ventures, and top executives from leading SaaS companies including Toast, Jobber, Squarespace, and Stripe.
Cents, launched in 2021, provides a comprehensive suite of services including POS systems, online ordering, payments hardware, marketing tools, and business management software tailored for laundromats, dry cleaners, alterations, and shared laundry rooms. The platform is currently empowering over 2,700 retail laundries across the U.S. and aims to continue this expansion with the new capital.
The funds from this Series B round will be utilized to further innovate and expand Cents’ product offerings, particularly in new product development. This investment will enhance the company’s hardware and software capabilities, ensuring that Cents remains at the forefront of technology in the laundry service sector.
In addition to the financial injection, Cents has also acquired Laundroworks, a hardware-based payments system, to augment its existing product line. This strategic acquisition will enable Cents to offer an even more integrated and efficient service to its customers, from multi-family buildings to universities and hotels.
Alex Jekowsky, CEO and Co-founder of Cents, expressed his gratitude and vision following the new funding: “Laundry is a critical human need. Local laundry businesses provide an essential service, and these SMBs deserve best-in-class technology and support to provide that service while generating strong ROIs.
“We have dedicated ourselves to this industry and the unique needs of our customers. It’s a privilege to have the trust and support of our customers as we’ve continued to grow, and our entire team feels the weight of our responsibility to build innovative solutions that support their business goals. We’re experiencing a true renaissance in the laundry industry. I’m so proud of our team for their tireless dedication and drive to elevate the experience for our operators and their customers.”
The initial stages of the platform focused on centralizing various revenue streams and operations for garment care businesses, from self-service to full-service solutions including wash and fold, dry cleaning, and commercial laundry. Cents has rapidly evolved from its POS system, CentsOS, to include Cents Dispatch and Connect, creating a robust, integrated platform for business management in the laundry industry.
Alexandra Nicoletti from Camber Creek added, “Cents is the clear category leader in serving independent garment care businesses. Their drive for innovation, while staying focused on the needs of SMB’s is second to none.
“We see huge opportunities for Cents to continue to provide their game-changing technology for the real estate space. From technology that supports route operators and shared laundry rooms to powering the amenity of laundry for tenants through their network of local laundry businesses, we’re thrilled to be partnering with Cents.”
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