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barbershop

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Barbershop App theCut Raises $4.5M, Has Helped Barbers Generate $500M in Revenue

thecut

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.

Tony O. Lawson

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Squire, The Black Owned Barbershop App Hits $750 Million Valuation

squire

Back in December 2020, we reported that Squire, a barbershop management application, received a $59 million investment that almost tripled its valuation, from $85 million to $250 Million.

That funding round was led by Iconiq Capital, which invests on behalf of high-profile tech executives including Facebook’s Mark Zuckerberg, and Twitter’s Jack Dorsey.

Today, the company announced a new round of funding that actually has tripled its valuation to $750 million.

Tiger Global led this new Series D round, which totals around $60 million and included participation from Iconiq Capital, Charles River Ventures, and Trinity Ventures.

In March of 2020, Squire’s revenue went from zero, when all barbershops closed, to between $10 million to $20 million 10 months later.

As “outside” continues to open up, both founders are confident that the company will benefit from serving even more barbershops that will begin using Squire to manage their operations.

In the words of Squire Co-founder, Dave A. Salvant, “The marathon continues.”

 

Tony O. Lawson

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Black Owned App for Beauty Salons and Stylists Has Raised Over $3 Million

Black Owned App

ShearShare is a Black owned app that works like an Airbnb for hairstylists and barbers. Instead of renting houses, they rent salon and barbershop stations.

The company was created in 2017 when husband-and-wife team, Courtney and Dr. Tye Caldwell discovered that 40% of salon and barbershop space goes unused every day.

Black Owned App
Courtney Caldwell (R) and Dr. Tye Caldwell (L)

ShearShare helps stylists communicate directly with their clients, including about specials they might be offering. Throughout COVID-19, the company has been enabling licensed cosmetologists and barbers to rent a sanitized salon suite, station, or nearby barber chair by the day.

The spaces are provided on demand without having to sign a long-term contract or pay commissions. Salon and barbershop owners make money on their unused space at a time and price that’s convenient for them.

“As the second largest industry for freelancers turns its attention to a new operating normal, many beauty and barbering professionals are taking time to revisit their priorities, including how to better manage operating costs, maximize revenue, and access professional workspace on-demand,” said Courtney.

The company has, in total, raised $3.4 million in funding. According to the company, despite an economic slowdown,  they have experienced a 157% increase in users over the past few months.

Tye and Courtney said they will use the capital to fund product development, invest in marketing, and grow the now 16-person ShearShare team.

 

Tony O. Lawson

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