Cents, a business management platform based in New York, has successfully raised $40 million in Series B funding. The investment round was led by Camber Creek, with continued support from previous backers Bessemer Venture Partners and Tiger Global.
Additional investors included Tech Pioneer Fund, RXR (RADV), Derive Ventures, Alumni Ventures, as well as executives from leading SaaS companies such as Toast, Jobber, Squarespace, and Stripe. With this latest funding, Cents has now raised a total of over $77 million.
According to Alexandra Nicoletti of Camber Creek, a venture capital firm specializing in real estate technology, Cents is a leader in the garment care industry. Nicoletti highlighted the company’s commitment to innovation while addressing the specific needs of small and medium-sized businesses (SMBs). She emphasized the potential for Cents to continue advancing technology in the real estate sector, particularly in supporting route operators and shared laundry facilities. Nicoletti expressed enthusiasm for the partnership with Cents, citing the company’s ability to provide advanced technology for laundry services across various markets.
The newly secured funding will enable Cents to focus on product development and geographic expansion in the coming year.
Acquisition of Laundroworks
Alongside the funding announcement, Cents has also acquired Laundroworks, a hardware-based payment system. Laundroworks enables consumers to pay for laundry services in laundromats and shared laundry facilities within multi-family buildings, hotels, universities, and other settings. This acquisition aims to strengthen Cents’ existing hardware offerings.
Origins of Cents
Founded in 2021 by Alex Jekowsky, Gilli Cherrin, and Pramod Dabir, Cents was established with the goal of simplifying laundry operations. The founders observed that while software and operational tools had improved various small businesses, the laundry industry had not yet fully benefited from these advancements.
Cents offers a comprehensive business management system designed to help laundromats and dry cleaners operate more efficiently.
Cents’ Offerings
Cents provides a suite of tools including point-of-sale (POS) systems, online ordering, payment hardware, marketing tools, and business management software for the garment care industry. The platform serves a range of businesses, from small, family-owned shops to larger, multi-unit operations.
The platform’s primary objective is to centralize the diverse revenue streams and operations within a garment care business. This includes services such as self-serve laundry, wash and fold, dry cleaning, alterations, pickup and delivery, and commercial laundry.
Cents initially launched with CentsOS, a POS system that serves as the central hub for laundry operations. The company quickly expanded its offerings with Cents Dispatch, an online ordering and logistics management platform that introduced on-demand delivery through outsourced couriers. Additionally, Cents developed Connect, a hardware device integrated directly into laundry equipment for self-serve payments. These products collectively offer a unified platform that enables laundry operators to manage their entire business efficiently.
Currently, Cents powers over 2,700 retail laundries, including approximately one in 14 laundromats in the U.S., as well as more than 3,500 shared laundry facilities.
Alex Jekowsky, CEO and Co-founder of Cents, emphasized the importance of laundry services as a fundamental need. He noted that local laundry businesses provide essential services and deserve access to top-tier technology to enhance their operations and profitability. Jekowsky expressed pride in Cents’ commitment to the laundry industry and the trust and support of its customers, as the company continues to innovate and meet the evolving needs of its clients.
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.
By Proptechbuzz
By Ravi Kumar
