How Cents grows

After seed investors said to prove he could sell another 5-10 customers himself, the founder physically walked into stores, filled in the contact forms on operators' websites, and phoned stores. The opener for stores without delivery: a first-of-its-kind gig-economy integration (Uber, DoorDash) giving two-way pickup/delivery logistics, so for a nominal fee they could add delivery revenue with no labor or CapEx. Once in, pitched the hardware and point of sale.

Built as an all-in-one from the start: POS software first (easier to iterate, deploy, hire for, cheaper), then custom on-machine hardware (own enclosure, EMV modules, screen), not a generic Android tablet. Hardware is sold as a one-time, good-margin product with standalone value to the operator, and every device carries SaaS and payments, turning a one-time hit into long-tail recurring revenue. Focus on net dollar retention (more products per operator) over location count.

Raised while above 20% EBITDA margin rather than out of need. Set the target valuation and terms up front from a share-price model (monthly to 2031) and the buyer profiles that could pay 4-6x the entry price later; higher term sheets did not sway them. Picked the lead (Sumeru) on partnership fit after 3-4 dinners (~12 hours) before the process. Goal: avoid a price that forces an IPO or leaves founders, employees and common holders underwater.

Keeps headcount low (~80 at end of 2025 on $60M revenue) and pushes people to grow with the business. Internal benchmark is at least $1M revenue per headcount. Culture treats failure as a chance to grow.

Through an introduction, signed a 73-location New York laundry operator as the first customer, against the usual 'don't sign the whale first' advice. The operator gave full access to a store and its entire G&A so the team could learn what mattered. Reasoning: in this vertical a 73-store and a 1-store operator run stores the same way, the big one just has the problems compounded, and an enterprise first customer is invested in your success.

Commercialized in-house hardware in late 2022/early 2023; it made a couple million dollars in sales but was costly and hard. In 2024 bought a hardware business to derisk and speed up hardware execution.

Structured the Series C as a $110M close (itself including some secondaries) plus a $30M employee tender to give some employees liquidity.