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Total amount raised
$49M
Latest funding date
2025-02-20
Location
Rinse has successfully raised funds through 7 rounds, with the latest being a Series D led by LG Electronics. The company is backed by 39 investors, including Accelerator Ventures.
What Is Rinse?
Rinse, based in San Francisco, California, offers garment care services, including dry cleaning, launder, and press. The company operates in multiple locations such as New York, Los Angeles, and Washington D.C., among others.
Founded in 2013, Rinse falls under the Home Services and Internet categories. The company emphasizes sustainability and convenience in its services.
How Much Funding Has Rinse Raised?
- Series D
- Amount Raised: USD 23,000,000
- Date: February 20, 2025
- Lead Investors: LG Electronics
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand its market reach and enhance service offerings.
- Series C
- Amount Raised: Undisclosed
- Date: August 2021
- Lead Investors: Undisclosed
- Participants: Unanimous Capital, Asymmetry Ventures, Accelerator Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technological infrastructure.
- Series B
- Amount Raised: USD 14,000,000
- Date: June 21, 2017
- Lead Investors: Partech
- Participants: Javelin Venture Partners, Arena Ventures, Accelerator Ventures, Structure Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand services to new cities, including Boston and Chicago, and eventually nationwide.
- Series A
- Amount Raised: USD 6,000,000
- Date: April 19, 2016
- Lead Investors: Javelin Venture Partners
- Participants: Arena Ventures, CAA Ventures, Accelerator Ventures, Expansion VC, Structure Capital, Otter Rock Capital, Base Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build out the team and enhance service capabilities.
- Seed Round (June 2015)
- Amount Raised: USD 3,500,000
- Date: June 9, 2015
- Lead Investors: Undisclosed
- Participants: Arena Ventures, ff Venture Capital, Great Oaks Venture Capital, Accelerator Ventures, MESA Ventures, Expansion VC, Rothenberg Ventures, Base Ventures, Structure Capital, Otter Rock Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch initial operations and develop the service platform.
- Seed Round (December 2014)
- Amount Raised: USD 2,500,000
- Date: December 2014
- Lead Investors: ff Venture Capital
- Participants: Accelerator Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for product development and market entry.
Total amount raised: At least USD 49,000,000 based on disclosed funding (Series C amount undisclosed). Current valuation: Not publicly disclosed.
Key Investors
- LG Electronics
- Details: LG Electronics is a multinational electronics company headquartered in South Korea, known for its wide range of consumer electronics and home appliances. LG led the Series D round in February 2025.
- Investment Focus Areas: Consumer electronics, home appliances, telecommunications
- Notable Investments: Not publicly disclosed
- Partech
- Details: Partech is a global investment firm with offices in Paris, San Francisco, and Berlin. They invest in companies at various stages, from seed to growth. Partech led Rinse's Series B round in 2017.
- Investment Focus Areas: Information technology, digital services, consumer internet
- Notable Investments: Not publicly disclosed
- Javelin Venture Partners
- Details: Javelin Venture Partners is a venture capital firm based in San Francisco focused on early-stage, software-enabled technology companies. Javelin led Rinse's Series A round in 2016.
- Investment Focus Areas: Early-stage technology companies, software, digital media
- Notable Investments: Not publicly disclosed
- Arena Ventures
- Details: Arena Ventures is a venture capital firm that focuses on early-stage investments in technology startups. Arena participated in both the 2015 Seed round and 2016 Series A.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Not publicly disclosed
- Accelerator Ventures
- Details: Accelerator Ventures is a venture capital firm that provides seed and early-stage funding to technology companies. Accelerator Ventures participated in multiple Rinse rounds including the Seed, Series A, Series B, and Series C.
- Investment Focus Areas: Seed and early-stage technology companies
- Notable Investments: Not publicly disclosed
What's Next for Rinse?
Rinse is poised for significant growth as it plans to expand into 10 new cities, including New York, Chicago, and Boston. This expansion presents a substantial opportunity to capture market share in both urban and suburban areas, positioning Rinse as a national brand in clothing care.
With the increasing demand for on-demand services and a shift towards consumer-centric business models, Rinse is well-placed to attract future funding to support its ambitious growth plans. The company may also explore strategic partnerships or acquisitions to enhance its service offerings and market reach.
However, Rinse will face challenges such as maintaining high-quality service across different markets and managing logistics during rapid expansion. Competing against established local dry cleaners and other on-demand services will also be a hurdle. Despite these challenges, Rinse's focus on quality and customer experience positions it well for future success.
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