Now that Rinse has solidified its playbook for expanding into geographies and bringing these geographies to contribution margin profitability, it will be using the new funding to apply the same playbook to grow to 10 new US cities. Rinse is currently operational in San Francisco, Los Angeles, and Washington DC, and among the 10 new cities that it will expand to are New York, Chicago, and Boston.
We commend the Rinse team for their decision to achieve operational excellence with their existing model before rolling it out to new cities. This requires patience and this patience eventually pays off.
We also thank Partech and Rinse’s existing investors for continuing to support the company on its exciting journey.
Mavrx, where we’re investors, is an agricultural imaging company. Its core product analyzes aerial images sourced from its network of aircraft partners to give farmers recommendations that improve their agricultural outcomes. These outcomes include maximizing crop yields, reducing spending on irrigation, fertilizer, and labor, and preventing catastrophic crop loss.
It’s more accurate and less costly to reach these outcomes by applying data science to images sourced from planes rather than by applying intuition to a farmer’s row-by-row drive-throughs among his crops. The former doesn’t eliminate the need for the latter but rather guides the latter to focus on those specific farm segments where there is the greatest value at stake.
We participated in Mavrx’s $2.5M seed round in mid-2014 and the company announced its $10M Series A in late 2016. Here’s a post from the company’s blog which covers the new round.
As mentioned in the post, the round’s proceeds will go towards growing Mavrx’s data science and sales teams, further improving its product, and winning new customers both within and outside of (for example Canada and South Africa) the US.