Rinse pickup and delivery service is available from 8-10 p.m., the company notes, scheduled thru its SMS, website, or mobile app. The firm just raised $14 million for expansion. (Photo: Rinse)
Little black bag plans to land in more big cities
SAN FRANCISCO — Rinse, a growing national brand in dry cleaning and laundry delivery, has raised $14 million in Series B financing led by Partech Ventures, the company reports.
The new funding follows a strong year for the company which has seen double-digit month-over-month revenue growth since its launch in 2013, it writes.
The funding, the company further notes, will be used to fuel expansion to several new markets, including Chicago, Boston, Houston, Dallas, Austin, Seattle, Miami, San Diego, Denver, and New York.
“Rinse is on a mission to be the first and largest national brand in clothing care,” says Ajay Prakash, co-founder and CEO.
“We’ve worked hard to build a phenomenal team which is dedicated to providing our customers with the most convenient and high-quality way to get their dry cleaning and laundry done,” he says.
“We’re really proud of what we’ve accomplished to date and are excited to work with Partech as we more than triple the number of markets we serve,” he relates.
In the four years since its launch, it reports, the firm has demonstrated rapid growth, best-in-class customer retention, and steady margin expansion at a time when the consumer “on-demand” market has not been kind to startups.
The company indicates it has continued to thrive with its focus on high-quality and “smart scheduling” that works with customers’ naturally recurring needs for dry cleaning and laundry.
“We’re excited to bring our market expansion playbook to new cities with this funding,” says Prakash. “Washington, DC has grown even faster than Los Angeles and San Francisco, proving that the technology and processes we have developed to support the large volume we are seeing in more mature markets will transfer immediately to new cities.”
As part of the financing, Nicolas El Baze from Partech Ventures has joined the Rinse board of directors.
Rinse’s funding also includes existing investors: Javelin Ventures, Arena Ventures, Accelerator Ventures, and Structure Capital, which brings its total raised to nearly $24 million, it adds.
