Cents, a New York-based all-in-one software, hardware, and payments platform for laundromats, dry cleaners, and multi-family laundry, raised $140M in Series C funding led by Sumeru Equity Partners. The platform offers POS, machine payments, AI customer service, delivery, marketing, memberships, inventory, and reporting to boost revenue and operations. The capital includes $110M in primary funding and $30M secondary via tender offer, earmarked for expansion and innovation.
Laundry Tech Eyes Hypergrowth
The raise marks the largest investment in laundry technology history amid digitization trends. It follows PayRange's acquisition of Turns, which had raised $0.5M pre-seed, signaling consolidation. CleanCloud, with undisclosed seed funding, focuses on dry cleaning POS. Cents' full-stack approach positions it to capture share in a fragmented market.
Cash Reliance Slows Modernization
The U.S. laundry facilities and dry cleaning market reached $15.75B in 2024, growing to $22.51B by 2030 at 6.3% CAGR. Yet mom-and-pop operators still rely heavily on cash, limiting scalability. Labor shortages and rising delivery demand exacerbate inefficiencies in 90,000+ U.S. laundromats. Current tools lack integration, leaving revenue on the table.
Integrated Platform Unifies Operations
Cents combines POS, Connect for machine payments, Dispatch for delivery, and Assist AI receptionist that resolves 75-100% of inquiries. Unlike narrower rivals like Geelus or Xplor Spot, it includes marketing automation, memberships, and inventory tracking. Hardware via Laundroworks powers 250,000+ devices across 4,500+ locations. This end-to-end OS drives 99% retention and processes $1B in payments annually.
AI and Hardware Drive Differentiation
Cents Assist filters inquiries autonomously, freeing operators from phone chaos. Memberships enable recurring revenue with self-enrollment plans. Recent launches like Review Management and laundromat-specific insurance address pain points competitors overlook. The platform powers nearly 1 in 6 U.S. laundromats, outpacing Turns' smaller footprint.
Growth Equity Signals Scale Play
Sumeru, with over $3B deployed in vertical SaaS like JobNimbus, leads this growth-stage bet. Existing investor Camber Creek, a proptech specialist backing multifamily tools like Flex, participates. Sumeru's Sanjeet Mitra joins the board, adding enterprise software expertise. This mix validates Cents as category-defining amid proptech-laundry overlap.
As Sumeru Growth Partner Chris Litster and Principal Nathan Stanley noted:
"Alex, Gilli, and the Cents team have built the go-to operating system for modern laundry and garment care."
Founders Bring Proven Exits
CEO and co-founder Alexander Jekowsky sold prior venture Ulyngo to Modo Labs after scaling campus payments. VP Engineering Ethan Durham, Ulyngo's ex-CTO, built Cents' scalable stack. CPO Gilli Cherrin drives product from beta to industry standard. Their track record in fragmented SMB payments directly fits laundry's needs.
Consolidation Pressures Fuel Demand
Tide Services' acquisitions of 15+ locations signal roll-ups by majors. PayRange-Turns merger consolidates software. CLA panels highlight wash-dry-fold and AI trends into 2026. Cents equips independents processing $1B payments to compete via tech.
Product Roadmap Accelerates
Recent additions include international phone support, supplier management, and unsellable inventory tracking. Memberships launched at $35/month for unlimited plans. Aggressive hiring spans engineering, sales, and data roles. With 250,000+ devices installed, Cents targets deeper penetration and global expansion.