theCut is a mobile platform for barbers and clients modernizing the barbershop experience. Today, the company announced that they have raised $4.5 million in new funding.
The Northern Virginia-based startup provides information and reviews on barbers for potential customers while also helping barbers manage mobile payments, appointments, and other back end tasks.
Clients can easily search for and discover new barbers, then book and pay for haircuts at their convenience. After completing an appointment, clients can review the barber and shout out a job well done.
Barbers can then manage all those clients, appointments, and payments with one easy to use tool.
Founded in 2016 by high school best friends, Obi Omile Jr. and Kush Patel, theCut has successfully booked 2 million appointments by over 350,000 clients who visited 22,000 barbers across the country. This has helped barbers generate more than $500 million in revenue since the app launched.
Nextgen Venture Partners led the funding round and was joined by Leadout Capital, Elevate Ventures, and Singh Capital. This brings total funding to $5.35 million.
The new investment will be used to hire additional talent, marketing and grow the business across the country.