Cents · B2B · software for laundromats
Set aside $30M of a funding round to buy shares from employees
$30M tender inside a $140M round; employee retention 98%
Unknownfinancingteam-process
What they did
Structured the Series C as a $110M close (itself including some secondaries) plus a $30M employee tender to give some employees liquidity.
- Stage
- scale
Related topics
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- Cents: Walk into laundromats and call them, pitching a no-labor delivery add-on firstGrew to about 80 stores and ~$700K revenue in 2021
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- Cents: Raise at a price investors can 4-6x, and turn down higher offersRaised $140M at 10-20x revenue while profitable; guest says exit options stay open
- Cents: Aim for $1M of revenue per employee and keep the team small~$750K revenue per employee, 20%+ EBITDA margin, 98% employee retention