Cents Raises $140 Million to Transform Laundry Technology

Cents, a New York-based company specializing in integrated software, hardware, and payments technology for the laundry industry, has successfully closed a $140 million Series C funding round. The round was led by Sumeru Equity Partners, with participation from Camber Creek.

Company Overview

Cents is dedicated to providing a comprehensive platform for laundromat operators and other garment care businesses. The platform integrates business management software, proprietary hardware, and payment systems to streamline operations and enhance customer service across self-service and full-service laundry models. With over 4,500 laundromat locations using its services, Cents processes approximately $1 billion in payments annually.

Leadership and Vision

Gilli Cherrin, Co-founder and Chief Product Officer, has been instrumental in driving the company's mission to bring modern technology to a traditionally underserved market. "Owning a laundry business is one of the purest expressions of the American entrepreneurial dream," Cherrin noted, highlighting the essential service these businesses provide.

Strategic Investment Focus

The newly acquired funds will be directed towards accelerating product innovation and expanding the capabilities of Cents' platform. Key areas of investment include:

  • Enhancing the AI-powered product suite
  • Improving customer support and user experience
  • Expanding offerings for laundromats and dry cleaners
  • Strengthening partnerships with route operators and equipment distributors
  • Developing next-generation payment hardware to improve affordability and accessibility

Board Expansion

As part of this funding transaction, Sumeru Managing Partner and Co-Founder Sanjeet Mitra will join Cents' board of directors, bringing additional expertise and strategic guidance to the company.

Market Potential

Cents operates within a large and largely untapped market, with over 90,000 retail laundry businesses and numerous laundry rooms in multi-family housing across the United States. These businesses have historically lacked access to modern technology solutions, and Cents aims to fill this gap with its integrated platform.

With this significant investment, Cents is well-positioned to continue its growth and further transform the landscape of the laundry industry through technology-driven solutions.