- SQUIRE Technologies recently announced it secured $59 million in Series C funding. These are the details about the funding.
SQUIRE Technologies recently announced it secured $59 million in Series C funding. Including this round of funding, the company has raised over $100 million. This round of funding was led by ICONIQ Capital with participation from Tiger Global, Charles River Ventures, Trinity Ventures, New General Market Ventures, and SoftBank Opportunity Fund.
The Series C round of funding includes $44 million in equity financing and $15 million in debt financing, bringing the total raised to $105 million since the company’s inception. And this round is also backed by strategic investors Stephen Curry, Trevor Noah, Quincy Jones, Tooey Courtemanche, Ara Mahdessian, Vahe Kuzoyan, and Pharrell Williams.
SQUIRE is known as the only platform for barbershops around the world to operate and scale their businesses successfully. And the company has processed over $100 million of payments for over 1,000 shops to date. And by centralizing and streamlining key workflows onto one platform, SQUIRE reduces the need for paper-based processes, increases efficiency, eliminates excess costs, and enhances customer experience.
And as SQUIRE expands, the company’s impact on the barber industry does as well. As a continued show of support to the barber community during ongoing unprecedented times, the company has committed to further easing the burden by waiving 2021 subscription fees for new customers who sign up by the end of the year.
KEY QUOTES:
“We are excited to partner with ICONIQ Capital and have the continued support of Tiger Global, Charles River Ventures, and Trinity Ventures and new investor Softbank. With this infusion of capital, we will have expanded our sales, marketing, and product efforts. Still, most importantly, we will continue to support our customers through these difficult times.”
— Dave A. Salvant, SQUIRE Co-Founder, and President
“We decided to waive our subscription fees so that all shops can have access to tools designed to help them survive this challenging environment and eventually recover stronger. It’s our commitment to our community.”
— Songe LaRon, SQUIRE Co-Founder, and CEO
“SQUIRE has emerged as the leading operating system for barbershops and has seen accelerated adoption this year as they have been critical to shops safely operating again in the current environment. Led by Songe and Dave’s insights into the market and unwavering focus on the customer, we believe SQUIRE is uniquely positioned to build innovative products for shop owners and barbers, become a trusted partner that helps shops thrive, and take a disproportionate share in this category.”
— Yoonkee Sull, Principal at ICONIQ Capital
