Squire Technologies, a New York-based tech startup that provides fully integrated software system for Barbershops and men’s salons, announced that it has raised Series B funding led by CRV, with participation from Tiger Global, San Francisco 49ers organization, and the former CEO and Chairman of Infor, Charles Phillips, and existing investors Trinity Ventures, 645 Ventures, Comcast Ventures’ Catalyst Fund and Y Combinator.
The company said that the Series B funding round includes $27 million in equity financing and $7 million in debt financing, bringing the total raised to $46.2 million for the tech startup.
The company will utilise the current financing 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.
“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.”
“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, Squire.
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.
Squire has offices in New York City and Buffalo, NY, and maintains operations in 35 major cities across the United States, Canada, and the United Kingdom. Squire is a Y Combinator-backed company and is a 43North award recipient.
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