$77M Raised to Dominate the Laundromat Vertical

Oct 15, 2024

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Welcome to another episode of The SaaS CFO Podcast! Today, we're thrilled to have a special guest, Alex Jekowsky, co-founder and CEO of Cents, as he joins our host, Ben, to delve into the dynamic world of modern laundromat management. Alex's unique journey from founding a payments platform for college campuses to investing in laundromats led him to identify a significant gap in sophisticated software solutions for the industry.

In this episode, we'll explore how Cents provides an all-in-one solution for laundromats, combining software and hardware to streamline operations and enhance customer experience. We'll also discuss the importance of a high-quality onboarding process to reduce churn, the role of fulfillment centers, and the company's strategic approach to revenue streams, including subscriptions, processing, and hardware sales. Alex will share insights on fundraising, emphasizing the importance of aligning with investors and the role of storytelling and metrics in securing capital.

Tune in to discover how Cents is revolutionizing the laundromat industry, covering thousands of locations across the U.S., and aiming for triple-digit growth with innovative solutions and a dedicated team. If you're interested in the intersection of SaaS, fintech, and the laundry industry, you won't want to miss this informative and inspiring conversation. Stay tuned!

Show Notes:

00:00 Considered investing in laundromats after Moto acquisition.

04:13 POS for laundromats enhances service management efficiency.

08:09 High-touch support with streamlined onboarding and implementation.

09:59 Focus on recurring revenue, hardware as loss leader.

15:28 Expanding laundry services across diverse real estate sectors.

17:51 Selling software and hardware through strong distribution.

21:13 Strategic M&A leverages market opportunities for growth.

24:04 Fundraise strategically; tailor stages to investors' expectations.

29:05 Focusing on innovation and deeper laundry industry integration.

30:25 Hiring for various roles; open to connections.

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