Cents, a trailblazer in business management solutions for the garment care industry, has announced the closing of a $40 million Series B funding round. This new financing brings the company’s total funding to over $77 million. The round was led by Camber Creek, with substantial participation from existing investors Bessemer Venture Partners and Tiger Global, as well as strategic backers including Tech Pioneer Fund, RXR (RADV), Derive Ventures, and Alumni Ventures. Key executives from leading SaaS companies like Toast, Jobber, Squarespace, and Stripe also contributed to this round.
Founded in 2021, Cents offers an all-encompassing platform designed to streamline operations for garment care businesses such as laundromats, dry cleaners, and alterations. The platform’s features include point-of-sale systems, online ordering, payment solutions, and business management tools. Cents has also recently acquired Laundroworks, enhancing its hardware product offerings for laundry payments in various commercial settings.
Alex Jekowsky, CEO and Co-founder of Cents, commented on the achievement: “Our mission is to empower local laundry businesses with cutting-edge technology that supports their growth and operational efficiency. This investment underscores our commitment to the garment care industry and provides us with the resources needed to drive further innovation.”
The company’s growth trajectory has been marked by significant milestones, including the launch of CentsOS, the core POS system, and Cents Dispatch, an advanced logistics management platform. These innovations have enabled Cents to support over 2,700 retail laundries and more than 3,500 shared laundry rooms across the U.S., addressing the unique challenges of the garment care industry.
Editorial Opinion
Cents’ successful Series B round and strategic acquisition of Laundroworks highlight the company’s pivotal role in transforming the garment care sector. By securing a substantial $40 million in funding, Cents not only reinforces its position as a leader in business management solutions for SMBs but also demonstrates a clear path towards scaling its impact across the industry.
The integration of Laundroworks into Cents’ portfolio is particularly noteworthy. It strengthens Cents’ hardware capabilities, essential for modernizing payment systems in laundromats and shared laundry facilities. This move aligns with the company’s goal of providing a comprehensive suite of tools that address both operational and consumer-facing needs. The innovative approach taken by Cents could well set a new standard in the garment care industry, driving efficiency and enhancing the user experience.
Cents’ commitment to leveraging technology for the benefit of local businesses is a testament to its understanding of the unique demands of the garment care sector. As the company continues to expand its product offerings and geographic reach, it stands poised to make a significant impact, fostering growth and innovation in a traditionally underserved market.
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