Total amount raised
$35 Million
Latest funding date
04/01/2023
Location
Rinsed has successfully raised funding over three rounds, with VMG Partners and Founders Fund among its notable investors. The latest funding round was a Series B, highlighting the company's growth and financial backing.
Rinsed offers a specialized CRM platform for car wash businesses, integrating with POS systems to enhance membership growth and customer loyalty. Keep reading to explore the intricacies of Rinsed's fundraising journey and the investors backing this innovative platform.
What Is Rinsed?
Rinsed is a provider of customer relationship management software specifically designed for the car wash industry. Based in New York, New York, the company operates in the e-commerce, software, and subscription service industries. It has between 51-100 employees.
Rinsed's solutions integrate with POS systems to manage customer data, marketing tools, and business metrics. The company offers tools like The Car Wash CRM, Salespath, and Support Agent to help car wash operators grow memberships, reduce churn, and improve customer engagement.
How Much Funding Has Rinsed Raised?
- Seed Round
- Amount Raised: USD 3,000,000
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their CRM platform and establish a foothold in the car wash industry.
- Series A
- Amount Raised: USD 12,000,000
- Date: May 2022
- Lead Investors: Bedrock, Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their customer base and enhance the CRM platform with new features.
- Series B
- Amount Raised: USD 20,000,000
- Date: April 2023
- Lead Investors: VMG Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further invest in development, expand services to retail wash customers, and grow engineering, data, and customer success teams.
Total Amount Raised: USD 35,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- VMG Partners
- Details: VMG Partners is a private equity firm that focuses on investing in consumer product companies. Carle Stenmark, General Partner at VMG, joined Rinsed’s Board following their investment.
- Investment Focus Areas: Consumer products, food and beverage, wellness.
- Notable Investments: Quest Nutrition, KIND Snacks, Spindrift.
- Bedrock
- Details: Bedrock is a venture capital firm that invests in early-stage technology companies. They focus on companies that are transforming industries through innovative solutions.
- Investment Focus Areas: Technology, software, e-commerce.
- Notable Investments: Cameo, Flock Freight, RigUp.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm known for its investments in technology companies. The firm was founded by Peter Thiel, Ken Howery, and Luke Nosek.
- Investment Focus Areas: Technology, software, space exploration.
- Notable Investments: SpaceX, Airbnb, Stripe.
What's Next for Rinsed?
Rinsed is poised to capitalize on the $15 billion car wash industry by expanding its CRM services to retail wash customers. This move, coupled with the growth of its engineering, data, and customer success teams, presents a significant opportunity for the company to enhance its market presence and technological capabilities.
With the successful Series B funding round led by VMG Partners, Rinsed is well-positioned for future fundraising opportunities. The involvement of VMG Partners suggests potential for additional rounds to further expand services and market reach. However, challenges such as integrating new CRM features with existing point-of-sale hardware and scaling operations to manage a growing customer base may arise.
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