#United States #New York #Cents #Sumeru #laundry industry

Cents Raises $140 Million to Transform the Laundry Industry

Cents, a pioneering technology platform in the laundry sector, has successfully closed a substantial $140 million Series C financing round led by Sumeru Equity Partners. This funding represents the largest single investment in software for the laundry industry to date, signifying a critical moment for small and medium-sized businesses (SMBs) in this essential service sector.

With over 90,000 retail laundry businesses operating throughout the United States, the industry is primed for technological advancement. Cents offers a unique combination of software, hardware, and integrated payment solutions designed specifically for laundry operators. The platform leverages AI technology to provide business management tools that empower owners to enhance their operations, expand their service offerings, and deliver exceptional user experiences throughout their customer base.

“Operating a laundry business is a quintessential part of the American entrepreneurial spirit, and it plays an integral role in daily life. From first-generation owners to sophisticated multi-unit operators, laundry entrepreneurs embody relentless ambition,” remarked Alex Jekowsky, Co-Founder and CEO of Cents. “We are thrilled to partner with Sumeru to deepen our investment in this underserved industry and to introduce innovative solutions to support these dedicated operators.”

The funds raised will allow Cents to accelerate the development of its AI-driven product suite, bolster customer experience support, broaden its product line for laundromats and dry cleaners, and strengthen partnerships with route operators and equipment distributors. Furthermore, this investment will enable the company to innovate new payment hardware solutions that enhance affordability and accessibility for modern payment experiences.

Chris Litster, Growth Partner at Sumeru, and Nathan Stanley, Principal at Sumeru, commented on the investment: “Cents has established itself as the go-to operating system for modern laundry and garment care. The laundry industry is vital, and Cents' innovative approach to digitizing operations and payment technologies is helping owners manage their businesses more efficiently than ever before.”

In addition to bringing much-needed capital into the industry, the partnership will add Sumeru's Managing Partner and Co-Founder, Sanjeet Mitra, to the board of directors at Cents, further solidifying the commitment to uplifting the laundry sector.

Cents has proven its value, being trusted by more than 4,500 laundromat locations that collectively handle $1 billion in payments annually. The company’s all-in-one platform offers comprehensive services, including point-of-sale systems, machine payments, marketing automation, AI customer service, and logistics management, catering primarily to laundromats, dry cleaners, and multi-family operations.

About Cents

Cents is the leading all-in-one platform designed for laundry business management. With a mission to drive success through innovative technology and community support, Cents equips operators with essential tools to optimize their business practices and enhance customer satisfaction.

About Sumeru Equity Partners

Sumeru Equity Partners focuses on providing growth capital for innovative technology companies. With over $3 billion invested across various sectors, Sumeru partners with visionary business leaders to help them scale their operations and achieve sustainable growth. Interested parties can find further information about Sumeru at their official website or on LinkedIn.

Cents' significant funding is a promising indication of the transformative potential of technology in this traditionally underserved sector and sets the stage for enhanced service delivery in the laundry industry.