Flashpoint invests in ByNext
ByNext Secures $10 mln in Capital from Flashpoint to Accelerate its Organic Growth and Consolidate the Home Services Market in the US
New financing will provide growth capital to the leading tech-based, omni-channel clothing and premise care company providing sustainable value chain dry cleaning, laundry, premise cleaning, and other complementary services for homes and businesses.
ByNext, a leading eco-friendly dry cleaner, laundry and premise care company based in New York City, today announced that it has raised $10 million in new financing from Flashpoint Venture Debt. The company will use this new capital to further grow its customer base organically and consolidate the market in New York and Los Angeles Metropolitan areas as well as expanding its footprint into new markets.
Denis Mosolov, Managing Partner of Flashpoint Venture Debt Fund commented: “ByNext is a unique company which combines the best of three worlds: world-leading technology at the heart of its operations, its own vertically integrated production and genuine operational excellence, as well as a credible track record in the execution of consolidation opportunities. We are proud to be part of the ByNext story and look forward to supporting the management team in realising the next step of their growth ambitions.”
ByNext has previously received more than $25 million equity and debt financing from several investment firms including Addventure, Altair, Millhouse and was a member of Y Combinator. ByNext reached cash flow positive in 2021.
“ByNext’s omni-service and omni-channel execution strategy, experienced management team, superior technology platform and “exclusively” eco-friendly solutions are the Key differentiators in the company’s success to deliver exceptional customer experience. We grew our business by 100% year over year while reaching a cash flow positive despite the COVID-19 challenges,” — said Kam Saifi, ByNext’s Chief Executive Officer. “The new capital from Flashpoint will be utilized exclusively for growth. We plan to secure additional financing in 2022.”
The Company has served over 450,000 retail customers and has processed over 15,000,000 orders with more than 50,000,000 pieces dry cleaned and laundered since 2011. ByNext serves the needs of some of the world’s largest fashion brands, major sports and event centers and has established partnerships with many property ownerships and management companies.
ByNext is the leading tech-based, omni-channel clothing and premise care company based in NYC, providing sustainable value chain dry cleaning, laundry, premise cleaning, and other complementary services for homes and businesses. The company presently offers its services in New York, Los Angeles and Washington, DC Metropolitan areas. ByNext omni-channel business model includes its unique and superior technology platform as well as 25 service hubs whereby the company has been able to localize customer experience and order deliveries, achieving the lowest CAC and highest gross margin in the marketplace. In addition to the ByNext brand, www.bynext.co, ByNext owns and operates Madame Paulette — the world’s premier couture concierge providing exceptional customer service to the wealthy and affluent customers and major fashion houses.