Total amount raised
$23.5 Millions
Latest funding date
08/01/2021
Location
Rinse has successfully raised multiple funding rounds, with the latest being a Series C round. The company is backed by 37 investors, including Accelerator Ventures and Asymmetry Ventures.
Keep reading to explore the intricacies of Rinse's fundraising journey and the investors supporting this innovative garment care platform.
What Is Rinse?
Rinse, founded on May 7, 2013, is a company based in San Francisco, California, that provides garment care services, including dry cleaning, launder and press, wash & fold, hang dry, repairs, leather cleaning, and clothing donations. The company was founded by Ajay Prakash, James Joun, and Sam Cheng.
Operating in multiple locations across the United States, Rinse aims to build the first and largest national brand in clothing care by addressing a massive consumer problem and creating a significantly better and more standardized dry cleaning and laundry experience. The company employs between 11 and 50 people and leverages smart scheduling and a strong technology backbone to manage operational complexity at scale.
How Much Funding Has Rinse Raised?
- Series A
- Amount Raised: $6M
- Date: April 2016
- Lead Investors: Javelin Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish and stabilize the business model and operations.
- Series B
- Amount Raised: $14M
- Date: June 2017
- Lead Investors: Partech
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Rinse's team and launch the service in new markets, aiming to become a national brand in clothing care.
- Series C
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Accelerator Ventures, Asymmetry Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance service offerings.
- Seed Round
- Amount Raised: $3.5M
- Date: June 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the business and develop initial service infrastructure.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage operations and market entry.
Total Amount Raised: $23.5M
Current Valuation: Not publicly disclosed
Key Investors
- Partech
- Details: Partech is a global investment firm that focuses on technology and digital companies across various stages, from seed to growth. They have a strong presence in Europe, the United States, and Africa.
- Investment Focus Areas: Technology, digital companies, various stages from seed to growth.
- Notable Investments: Made.com, Brandwatch, Sendinblue.
- Javelin Venture Partners
- Details: Javelin Venture Partners is a venture capital firm that invests in early-stage technology companies. They focus on sectors like consumer internet, enterprise software, and mobile.
- Investment Focus Areas: Consumer internet, enterprise software, mobile.
- Notable Investments: MasterClass, Thumbtack, Clutter.
- Arena Ventures
- Details: Arena Ventures focuses on early-stage investments in technology-driven companies. They are particularly interested in the consumer and enterprise sectors.
- Investment Focus Areas: Consumer sectors, enterprise sectors, early-stage technology-driven companies.
- Notable Investments: Dollar Shave Club, Postmates, PillPack.
- Accelerator Ventures
- Details: Accelerator Ventures is a venture capital firm that invests in early-stage technology companies. They have a particular interest in internet, software, and mobile sectors.
- Investment Focus Areas: Internet, software, mobile.
- Notable Investments: OpenTable, Zappos, Zynga.
- Structure Capital
- Details: Structure Capital focuses on investing in companies that are innovating in the sharing economy, sustainability, and resource efficiency. They aim to support businesses that are creating a positive impact on the world.
- Investment Focus Areas: Sharing economy, sustainability, resource efficiency.
- Notable Investments: Uber, Airbnb, Shyp.
What's Next for Rinse?
Rinse is poised for significant growth as it expands into new cities like Boston and Chicago, with the ultimate goal of becoming a nationwide service. The opportunity to serve both urban and suburban areas is vast, and the company aims to establish itself as the first and largest national brand in clothing care. This expansion is supported by the increasing demand for on-demand services and the shift towards consumer-centric business models.
Future fundraising opportunities are likely as Rinse continues to scale its operations and enhance service quality. The company may seek additional funding rounds to support its ambitious growth plans and invest in building out its team. However, challenges such as managing logistics across multiple cities and maintaining high service quality will need to be addressed to ensure continued success.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Rinse and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
