In June, we reported that Squire, a Black owned barbershop app and management platform, raised $34 million. On Wednesday, they announced another raise of $59 million in a round led by Iconiq Capital.
With the new financing, Squire has almost tripled its valuation, up from $85 million in June to $250 million today. They plan on using most of the capital to hire new sales and marketing professionals.
According to a LinkedIn post from co-founder, Songe LaRon, they are looking for a VP of marketing to “build out our marketing department and help us continue to fuel our rapid growth.” (Shoot your shot, marketing folks!)
The app, which was first developed to help customers book appointments, has evolved and added features such as payroll management, inventory tracking, and automatic rent collection for the barbers leasing chairs.
Squire has also helped barbershops navigate COVID-related restrictions by allowing customers to book and pay for appointments using its mobile app and by creating a virtual waiting room, which lets patrons wait outside or in their cars and enter only when they receive an automatic notification that their barber is ready for them.
According to Tech Crunch, Squire’s revenue went from zero in March, when all barbershops closed, to between $10 million to $20 million in ARR just 10 months later. The growth indicates how the next wave of barbershops will be built atop digital technology, instead of offline processes.
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