- Barbershop management company and point of sale system software company Squire Technologies announced it raised $34 million in Series B funding
Barbershop management company and point of sale system software company Squire Technologies announced it raised $34 million in Series B funding led by CRV with participation from Tiger Global, San Francisco 49ers organization, and the former CEO and Chairman of Infor Charles Phillips. And existing investors Trinity Ventures, 645 Ventures, Comcast Ventures’ Catalyst Fund, and Y Combinator also joined the round.
This round of funding included $27 million in equity financing and $7 million in debt financing. And including this round, the company has raised a total of $46.2 million.
With this round of funding, the company is aiming to assist the company as it adds financial services to its already functional digital platform. Squire is known for providing barbers and shop owners with the ability to operate their businesses with cashless and contactless pay transactions. This streamlines service interaction and helps them earn and retain loyal clientèle as a result.
The funds from this round will also be utilized to assist and educate barbershops and equip them with the the necessary tools to function in a post-pandemic society while providing training and access to digital practices.
Key Quotes:
“Small businesses are hurting right now. Fortunately, barbershops are well-positioned to thrive in an economic downturn since people will always need haircuts. We’re focused on providing the payment infrastructure and financial services that will help barbershops reopen successfully and excel post-COVID. This investment will help us scale and execute on our goal of becoming the industry standard for barbershops.”
– Songe LaRon, co-founder and CEO of Squire
“Our goal has always been to put our customers first and be a resource in times of need.”
Dave Salvant, co-founder and President at Squire
“Barbershops have been forced to modernize overnight, where scheduling and digital payments have become imperative to their operations and livelihood. And thankfully for shop owners, they have Squire to enable their expedited digital transition. From an investment perspective, backing Dave and Songe with their unique perspective on the industry, coupled with the underlying structural shift in how consumers expect to interact with businesses, made this a unique opportunity to revolutionize an entire market.”
– Reid Christian, General Partner at CRV
