Squire Technologies, a Black-owned application for scheduling barbershop services, announced Wednesday that its valuation has tripled to $750 million after a new round of funding.
The new Series D round totals $60 million and was led by Tiger Global. Since the company’s inception, it has raised approximately $165 million. The most recent round of funding included participation from existing investors ICONIQ Capital, Charles River Ventures and Trinity Ventures. A year ago the company was valued at $75 million.
Squire bills itself as a full-scale barbershop management and POS system, provides the support needed for shop owners to scale their business and increase clientele, while also reducing the amount of time spent in back-office operations.
“This capital injection will allow us to further scale our sales and engineering teams. We are super excited to deepen our relationship with Tiger Global,” says Dave Salvant, SQUIRE Co-Founder and President.
After its revenues initially plummeted at the start of the pandemic, Squire expanded amid restricted openings as barbershops digitized during the era of social distancing. The company says it now serves 2,000 partners in three continents and employs 175 workers. The platform facilitates scheduling and payment operations.
The company collects a subscription fee as well as a percentage of each haircut made through the platform. The company recently announced the launch of Squire Capital, a money management platform providing tools for barbershop operations.
“Our software helps our customers with nearly every workflow in their business, including scheduling, CRM, payments, inventory, payroll and more,” says Songe LaRon, SQUIRE Co-Founder and CEO. “With SQUIRE Capital, we’re expanding our ecosystem to provide financial tools such as instant deposits, cash advances and debit cards that will empower our customers to succeed financially.”
“We’re excited to further our commitment to SQUIRE, and with Dave and Songe, as they continue to build the tools and systems that are necessary in this industry,” says John Curtius, Partner at Tiger Global. “As businesses begin to reopen, SQUIRE is at the forefront of forward-thinking solutions that advance both the shop owner and client experience.”
Co-founders LaRon and Salvant purchased a barbershop in New York when they started the company, and worked there for a year in order to understand first-hand how the business works. With the new round of funding they hope to expand to markets in Canada and the United Kingdom.
The company only spent about 10 percent of its previous round, a $45 million equity round, and has tens of millions of dollars in the bank.
“Let’s face it, we’re not typical founders, we don’t look the same and we don’t act the same,” Salvant told TechCrunch last week. “I just want to serve as a lighthouse and this is validation for myself, my co-founder, but more importantly, what’s coming after us.”
News Source: AtlantaBlackStar / Reporter Credit to: Niara Savage
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