SquareDash – a payment advance platform in the property insurance restoration industry – announced it raised over $20 million in total funding to accelerate growth. FINTOP Capital led the funding round, and it builds on SquareDash’s previous equity raise in the middle of last year with participation from Hivers and Strivers, The PenFed Foundation, i2BF Global, The Hustle Fund, The Council, and other angel investors.
The company also closed a $15 million credit facility that can expand to $25 million as needed. This funding round will be used to expand the company’s payment advance and subscription services, hire more talent, and invest in sales and marketing.
Launched in 2022 by U.S. Navy veteran Matt Fruge after running a roofing company successfully for over ten years, SquareDash offers claim funding and a subscription service for managing the billing, payment, and collections process. This enables roofers and restorationists, especially those in the $2 million to $15 million revenue range, to overcome insurance claim challenges and get paid in the same day that the work is finished.
SquareDash was also selected for The PenFed Foundation Veteran Entrepreneur Program Fall 2022 Cohort. This program supports veteran and military spouse entrepreneurs in scaling their startups.
KEY QUOTES:
“As a former roofer myself, I know firsthand the cash flow challenges faced by roofing and restoration businesses. With this latest funding, we’ll be able to help even more of these entrepreneurs get paid faster for their hard work and grow successful businesses. I’m grateful for the support of FINTOP Capital, PenFed Foundation, and all our investors who share our mission.”
- CEO and Founder of SquareDash Matt Fruge
“SquareDash is tackling a huge market inefficiency and empowering restoration professionals to control their cash flow and expand their businesses. Matt and the team have built an innovative platform, and we’re excited to support their growth as they transform payments in the roofing industry.”
- Partner at FINTOP Capital John Philpott
“It’s been a privilege to support Matt and SquareDash through our Veteran Entrepreneur Program. As a veteran-led company solving real challenges for roofing businesses, it is a prime example of the innovative startups we seek to elevate. This funding is a testament to the strength of their vision and execution.”
- PenFed Foundation President Andrea McCarren
