Presso, the company establishing a new standard of clothing care with the world’s first line of on-demand, low-carbon, express garment care machines, today announced that it has raised $8 million in seed funding from Uncork Capital, 1517 Fund, AME Cloud Ventures, Cherubic, HAX, SOSV, Pathbreaker Ventures, VSC Ventures, and YETI Capital. The news comes after a breakthrough year in which Presso launched the 11th iteration of its machine and brought its total bookings to 89.
At a time when brands and consumers alike are more climate conscious, Presso is stepping in to provide the only automated service that offers garment cleaning at a fraction of the carbon footprint, water consumption and speed of previous solutions. In addition, Presso creates revenue generating opportunities for enterprises -- especially the hotel industry, which faces severe labor shortages as we enter the post-pandemic era.
“We’re incredibly excited to back the work of Nishant and Thibault, who have achieved a lot more than your typical seed-stage startup. By helping hotels profit from garment cleansing, Presso is supporting the post-pandemic economic recovery of the hospitality sector,” said Jeff Clavier, Managing Partner of Uncork Capital. “While battling labor shortages, Presso provides a perk that draws valuable clientele and promotes increased loyalty without diverting labor resources from other guest services. The Presso mission to introduce a new standard of garment care is a very exciting use case for us at Uncork.”
“Before we had a Presso, a guest would need to find the garment care bag in their closet, call down to the front desk, and the concierge would fill out a paper slip with the number of items, pick them up from the guest’s room, and send it out for delivery. In two or three days, the guest could have their items back. At one point, we couldn’t even offer the service because it was too resource-intensive – guests wanted it, but we couldn’t provide it. Presso condenses all those steps all on-site,” said Dipan Patel, CEO of Buckhead America Hospitality Group.
"There is nothing like Presso on the market today. We’ve created the first AI-powered line of on-demand, low-carbon, express garment care machines,” said Nishant Jain, Co-Founder and CEO of Presso. “Our mission is to make on-demand clothing care accessible to everyone and we’re proud to do it in a more sustainable way.”
Presso offers novel benefits to the hospitality and residential and commercial real estate industries:
Low Carbon: Compared to traditional dry cleaning services, Presso uses 7X less water and 3X less electricity and reduces the carbon footprint of today’s clothing care by 93%. While 70% of dry cleaners use carcinogenic cleaning solvents, Presso opts for organic and compostable cleaning liquids. With gentle care of each garment, Presso increases the lifetime of garments by over 400%, combating excessive textile manufacturing, a leading cause of landfill saturation.
On-Demand: Traditional garment care services have a 2-3 day turnaround time; Presso reduces that by 360X. Because of this shortened turnaround time, Presso machines can clean up to 150 garments daily.
Improved Operations: For the hotel industry, staffing shortages make workers' jobs even harder, and hotels are missing out on revenue because they don’t have the staff to handle dry cleaning requests. Presso’s solution reduces staff time on housekeeping calls, paper receipt handling, and manual accounting. Company estimates suggest that top-line revenue improvement potential is at least $17,000 per property per year.
Top-Line Revenue: Presso boosts dry-cleaning service usage at existing spots like hotels and creates new revenue opportunities for multi-unit and office spaces that want to take advantage of empty space and, simultaneously offer a perk to tenants, employees or guests. Since the machines are automated, Presso serves a top-line revenue without staff lifting a finger.
AI-Powered Robotics + Stretch AI: Presso’s cameras collect garment data, while A.I. and computer vision automate robotics. Image processing within the system will enable further automation in the future, including automatic fabric detection, reduction in processing time, and, eventually, fully autonomous garment clipping.
This new round of funding brings Presso’s total amount raised to $10.1M and additional investors include Buckhead America Hospitality, a southeast based hotel and real estate development company, and TISHMAN℠ (“Tishman”), a New York based real estate and investment firm with a long track record of developing and acquiring assets with a focus on New York, Chicago, and Florida.
If you are a hotel, apartment or commercial real estate operator and would like to improve your operations, team productivity, and engagement, please visit getpresso.com.