Total amount raised
$35 Millions
Latest funding date
04/01/2023
Location
Rinsed has successfully raised $32 million over two funding rounds, with Series B raising $20 million and Series A raising $12 million. The platform offers customer relationship management (CRM) software specifically designed for the car wash industry, managing over 1 million subscribers for some of the largest car wash groups in the country.
Keep reading to explore the intricacies of Rinsed's fundraising journey and the investors backing this innovative platform.
What Is Rinsed?
Rinsed, founded in 2019, is a New York-based company specializing in customer relationship management (CRM) software for the car wash industry. The company was established by Austin Esecson, Nicholas Hippenmeyer, and Samuel Logan.
Operating with a team of 51-100 employees, Rinsed offers subscription management tools designed to meet the specific needs of car wash operators. Their solutions integrate with existing POS systems and websites to help car wash businesses grow memberships, reduce churn, and improve customer engagement.
How Much Funding Has Rinsed Raised?
- Seed Round
- Amount Raised: $3M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation and develop the initial version of their CRM software.
- Series A
- Amount Raised: $12M
- Date: May 2022
- Lead Investors: Bedrock, Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their CRM software for better customer engagement.
- Series B
- Amount Raised: $20M
- Date: April 2023
- Lead Investors: VMG Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further invest in development, expand CRM to include retail wash customers, and grow engineering, data, and customer success teams.
Total Amount Raised: $35M. 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. They led the Series B funding round for Rinsed.
- Investment Focus Areas: Consumer products, food and beverage, personal care.
- Notable Investments: Quest Nutrition, KIND Snacks, Spindrift.
- Bedrock
- Details: Bedrock is a venture capital firm that invests in early-stage technology companies. They were a lead investor in Rinsed's Series A round.
- Investment Focus Areas: Technology, software, fintech.
- Notable Investments: Cameo, Figma, Plaid.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm known for its investments in technology companies. They participated in Rinsed's Series A round.
- Investment Focus Areas: Technology, aerospace, healthcare.
- Notable Investments: SpaceX, Palantir Technologies, Airbnb.
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, positions Rinsed to significantly increase its market share. The integration of mobile-optimized payment forms and business analytics in CRM platforms aligns with industry trends, offering substantial growth potential.
Future fundraising opportunities seem promising, given the successful Series B round led by VMG Technology. However, Rinsed may face challenges such as competition from other CRM providers and the complexities of scaling operations. Despite these hurdles, the company's strategic focus on technological enhancements and market expansion suggests a bright future ahead.
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