Rinse is making the washer / dryer obsolete while building the dominant national brand in clothing care. Rinse is the market leader and is raising this round to prepare for rapid national expansion.
Rinse (www.rinse.com) is making the washer / dryer obsolete while building the first national brand in dry cleaning and laundry. We provide a service that has removed all the pain points that come with clothing care. We are taking on a massive consumer problem and creating a significantly better (and more standardized) customer experience through the combination of "smart scheduling" and best-in-class quality, all supported by a strong technology backbone that allows us to effectively manage the operational complexity that comes with scale. We currently provide service in San Francisco (and the surrounding Bay Area, including Oakland and San Jose), Los Angeles, Washington DC, Chicago, and Boston. Ajay Prakash started the company with James Joun, one of his closest friends from college who also grew up in a Dry Cleaning family.
Rinse completes its best quarter ever: currently $17mm revenue-run rate; NPS of +50; best-in-class retention + profitability. Market leader.July, 2019
Rinse Subscriber Revenue (revenue from active Rinse Repeat and Rinse Go customers) crosses $2.5mm ARR only six months after launch.July, 2019
Rinse for Business thrives. Several leading companies are customers (including Eventbrite and BuzzFeed) only a few months after launch.July, 2019
Rinse achieves city-level profitability in San Francisco, Los Angeles, and Washington DC (it's three largest markets).April, 2019
Rinse's competitor, Cleanly, shuts down its San Francisco operations. Rinse acquires its customer list and starts serving them in Jan 2019.December, 2018
Inc. magazine names Rinse's re-brand as one of the best new logos of 2018.December, 2018
Rinse unleashes Rapid Regional expansion, launching service in San Jose, Oakland, and surrounding areas, tripling it's Bay Area footprint.July, 2018
Rinse launches service in Boston, its fifth major market.November, 2017
Rinse launches service in Chicago, its fourth major market.August, 2017
Rinse closes its $15mm Series B, led by Partech Ventures.June, 2017
Rinse launches service in Washington, DC, its third major market.November, 2016
Rinse's competitor, Washio, shuts down. Rinse acquires its entire customer list in SF, LA, DC, Chicago, and Boston, along with other assets.September, 2016
Rinse launches service in Los Angeles, its second major market.April, 2015
Rinse is a startup, and is therefore risky. The vast majority of startups fail and lose investors' money entirely - and this is no exception. You should not invest more money than you can afford to lose, and this investment should only be made as part of a diversified portfolio. Additional specific risks:
+ Rinse may not be able to raise the next round of funding successfully.
+ Rinse may never achieve profitability.
+ Rinse might not maintain their rate of growth.
This is by no means an exhaustive list. There are endless reasons that startups fail.
Rinse is very well positioned to be the dominant national brand in clothing care, but this is a space that has been around forever, many have tried and failed to scale nationally, and there are plenty of challenges ahead that Rinse will have to overcome. Rinse has the team and model to do it, but there are no guarantees.
Crowdfunder Index Fund, an affiliate of Crowdfunder, is an investor in Rinse.com.