Cents, a business management platform that supports and empowers small businesses in the garment care industry, has recently secured $40 million in Series B funding. This new financing round, led by Camber Creek with participation from Bessemer Venture Partners and Tiger Global, brings the total funding for Cents to over $77 million. Other strategic investors in this round include Tech Pioneer Fund, RXR (RADV), Derive Ventures, Alumni Ventures, as well as executives from SaaS companies like Toast, Jobber, Squarespace, and Stripe.
In addition to the funding, Cents has acquired Laundroworks, a hardware-based payments system that facilitates consumer payments for laundry services in various settings. This acquisition strengthens Cents’ existing hardware product line and expands its capabilities in the garment care industry.
Since its launch in 2021, Cents has been providing a comprehensive business solution for laundromats, dry cleaners, alterations, and shared laundry rooms. The platform currently serves over 2,700 retail laundries and 3,500 shared laundry rooms, making a significant impact on businesses of all sizes, from small family-owned shops to larger operations.
Alex Jekowsky, CEO and Co-founder of Cents, emphasized the importance of providing small businesses in the laundry industry with innovative technology and support to help them thrive. He expressed gratitude for the trust and support of their customers and highlighted the team’s commitment to building solutions that meet the unique needs of garment care businesses.
Cents’ suite of products includes CentsOS, a POS system, Cents Dispatch for online ordering and logistics management, and Connect, a hardware device for self-serve payments. These products are designed to streamline operations and drive efficiencies for laundry operators.
Camber Creek, a leading real estate technology venture capital firm, recognized Cents as the category leader in serving independent garment care businesses. They praised Cents’ commitment to innovation and supporting the needs of small and medium-sized businesses in the industry.
Looking ahead, Cents plans to continue expanding its product offerings and geographic reach. Garment service industry operators and owners can learn more about Cents by visiting their website.
Cents’ dedication to the success of laundry businesses, coupled with their focus on driving innovation and providing exceptional support, positions them as a key player in the garment care industry. With a commitment to delivering value to their customers and driving the industry forward, Cents is poised for continued growth and success in the coming years.
