squire Archives

Published on July 28, 2021August 19, 2021

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

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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Published on December 9, 2020January 14, 2021

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Squire, The Black Owned Barbershop App is Now Valued At $250 Million Dollars

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.

Tony O. Lawson

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Published on June 10, 2020

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Squire, A Black Owned Barbershop Scheduling App, Raises $34 Million

Squire is a business management platform for barbershops. This software has the capability to serve independent professionals, stand-alone locations, and multi-location franchises, with tools such as Point of Sale, Scheduling, Payroll, CRM, and a host of other features.

The company just announced a Series B round that includes $27 million in equity financing and $7 million in debt financing, bringing the total raised to $46.2 million for the tech startup. This investment round aims to assist the growing company as it adds financial services to its already functional digital platform.

Squire provides barbers and shop owners with the ability to operate their businesses with cashless and contactless pay transactions, thereby streamlining service interaction and helping them earn and retain loyal clientèle as a result.

“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,” says Reid Christian, General Partner at CRV. “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.”

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With new regulations regarding social distancing practices and mandatory appointments amid the COVID-19 pandemic, Squire’s technology will continue to perform, and help shop owner’s organizational structure, with the goal of assisting them in reclaiming some of their losses during the global crises and increasing their overall revenue afterward.

“Small businesses are hurting right now. Fortunately, barbershops are well-positioned to thrive in an economic downturn since people will always need haircuts,” says Songe LaRon, co-founder, and CEO of Squire. “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.”

“Our goal has always been to put our customers first and be a resource in times of need,” says Dave Salvant, co-founder, and President.

Funds from this round will also be utilized to assist and educate barbershops; equipping them with the necessary tools to function in a post-pandemic society while providing training and access to digital practices that will aid them in operating a seamless business.

-Tony O. Lawson

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