Cents
Overview
Cents is a leading business management platform specifically designed to support laundry business operators in growing, managing, and understanding their operations. Founded in 2019 by Alexander Jekowsky, Gilli Cherrin, and Pramod Dabir, the company is headquartered in New York, New York. Cents has raised significant funding, with its most recent Series B round in 2024 bringing total investment to $77 million. Its offerings include tools for point-of-sale systems, machine payments, revenue tracking, and delivery services, making it a comprehensive solution for laundromats, dry cleaners, and other garment care businesses.
Recent Developments
- October 2024: Cents is set to host an event with Direct Machinery Acquisition, LLC, focusing on new equipment and integrated management systems to support laundromat owners. This event underscores Cents' commitment to building community and providing valuable resources for business improvement.
- September 2024: Cents closed a $40 million Series B funding round led by Camber Creek, boosting its potential to revolutionize the laundry industry with advanced management tools.
- August 2024: The company launched initiatives to expand its customer base and improve offerings in the multi-family space, aiming to support shared laundry rooms within residential buildings.
- June 2024: CEO Alexander Jekowsky shared that Cents is now serving over 1 in every 14 laundromats in the United States, emphasizing their significant market penetration and continued annual growth over 100% year-over-year.
- May 2024: Cents partnered with Eastern Funding LLC to strengthen its financial services for laundromat owners, focusing on supporting businesses in achieving operational goals efficiently.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | New York, NY |
| Founders | Alexander Jekowsky, Gilli Cherrin, Pramod Dabir |
| Revenue | Not specified |
| Profits | EBITDA positive |
| Key Investors | Camber Creek, Bessemer Venture Partners, Tiger Global Management |
| Industry | IT & Services (Laundry Management) |
| Number of Employees | 69 as of 2024 |
Early History
Cents was founded in 2019, capitalizing on a gap in the market for technology in the laundry business industry. The idea was sparked when founder Alexander Jekowsky, after attending Coin Laundry Association events, recognized the challenges faced by operators due to the lack of technological solutions. The company aimed to streamline operations and enhance profitability for laundry businesses by offering a seamless integration of software, hardware, and payment systems tailored to industry needs. The platform was developed to address these inconsistencies by blending hardware with SaaS solutions, providing an all-encompassing management tool.
Company Profile and Achievements
Cents has rapidly established itself as a major player in the laundry services technology sector by developing a fully integrated business management platform. The platform, often compared to Toast for laundromats, offers a suite of services including POS, machine integration, payment facilitation, and on-demand delivery.
- 2021: Cents completed its first funding round in February, raising initial seed capital to start the development of its integrated platform.
- 2022: The company expanded its product offerings, integrating Cents Dispatch for logistics and launch of Connect, offering the industry’s first integrated hardware payment devices.
- 2024: Cents announced $40 million Series B funding, growing its investor base and capital to enhance technological solutions and market reach.
- The platform supports a significant fraction of the U.S. laundry market, reaching 2,700 retail laundry locations and 3,500 shared laundry rooms, further establishing its footprint.
Current Operations and Market Position
Today, Cents serves as a leading solution for laundry operators, providing technology that connects various points of operation from POS to delivery, facilitating business growth and efficiency. The platform is versatile, addressing the needs of small mom-and-pop businesses as well as multi-location franchises. Cents is known for embedding robust technology solutions that enable operators to manage their businesses more effectively and provide better service to their customers. Its strong emphasis on technology and service has made it a top choice in the $60 billion garment care industry.
Conclusion
Cents is transforming the garment care industry by equipping SMBs with a platform that integrates software, hardware, and payment solutions. As of 2024, the company has made significant strides in market penetration and product development, supported by substantial funding and partnerships. With a strong foundation and ambitious growth plans, Cents is poised to continue shaping the laundry services landscape, potentially expanding its influence and developing new solutions to meet emerging market needs in the coming years.