In December 2018, Mr Jeff received 12 million dollars (10.4 million euro) in a Series A financing round led by All Iron Ventures. This Series A adds 3.5 million dollars (over 3 million euro) attained in previous operations.
The company currently offers home delivery laundry and dry cleaning services in Europe and Latin America, Middle East, Asia.
Mr. Jeff is currently considering venturing into the Kenyan market and already has sold its first 10 franchises in Kenya with 25 new branches planned to open in 2020.
Business Insider SSA spoke to its CEO, Eloi Gómez, to understand the inspiration behind the brand and what’s its end game in Kenya.
BISSA: Since founding Mr Jeff in 2015, what lessons have you learnt about running a business?
Mr. Gómez: Over the years we learned how to adjust to countries and cultures. We try our best to understand the cultures and integrate our business to it. Many factors contributed to our success, we strive to maintain a good mixture of low investment costs and high profitability to make our brand more enticing to possible franchisees.
Our research has shown that nearly 80% of people identify doing laundry as their most hated domestic task. We are a technology company with a passion for making our users' lives easier.
BISSA: As a 20 something year old entrepreneur what advice can you give African youths in their twenties who are thinking of venturing into business?
Mr. Gómez: As a young entrepreneur, you should look and focus on short-term return on investment plans,dynamic, new innovations and the numbers. Look at how far MrJeff has come and where we are headed, the strong background that has been built. In less than 4 months Jeff has managed to enter the East African market, we are the current fastest franchise globally.
BISSA: How are you going to position yourself in the Kenyan market which you are planning to enter?
Mr. Gómez: Every new market has unique challenges, Kenya is a very potential market because of the population technology knowledge and location. Our main challenges in Kenya
is to showcase the customers and bring to them our new laundry innovation that is revolutionizing the laundry sector, which is one of a kind. With Kenya’s vast knowledge of technology, Jeff is the perfect solution to domestic or daily tasks.
The business potential in Kenya is significant and we are confident that the Jeff model meets a need that the market has yet to fill. In just a few short months, we have already sold our first 10 franchises in Kenya with 25 new branches planned to open in 2020. That’s a great indicator of Kenyans’ big appetite for the investment and entrepreneurship opportunities that Jeff offers, not just in Kenya, but in more than 40 countries around the world.
BISSA: How do you keep your general costs down? saving tips to entrepreneurs?
Mr. Gómez: For the costs to be as low as possible, we offer to our partners the turn-key option; it means that we take care of the setup of the physical store as well. It reduces the stress and the costs as well. It allows him to have affordable prices for the end-user, stay competitive and as cheap as the economy allows them. We have a very fast setup process that is proven efficient.
BISSA: What is your endgame?
Mr. Gómez: We see ourselves becoming a super app. With our eco-friendly services in the next 30 years, our aim is to give back to the neighborhood what technology took, starting by innovating one of the oldest industries in the world, laundry. Our goal for the next 30 years is to find a way of improving life, running the day to day tasks more easily, using the same app. Jeff is set to be the super App where all daily services can be found at one place and managed the easiest way possible.