Squire, a start-up that sells software to barbershops, closed a $59 million Series C funding, bringing the total raised this year to $93 million.
WHO: Founded in 2015, Squire Technologies launched in 2016 as a platform that helps barbershops run their business. The 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. 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.
WHY: The business plans to expand into new markets, including Australia, Canada, and the UK. The majority of capital raised in this round will go toward making sales and marketing hires.
IN THEIR OWN WORDS: “We are excited to partner with Iconiq Capital and have the continued support of Tiger Global, Charles River Ventures, and Trinity Ventures and new investor SoftBank. With this infusion of capital, we will have expanded our sales, marketing, and product efforts. Still, most importantly, we will continue to support our customers through these difficult times,” says Dave Salvant, Squire co-founder and president.
“Squire has emerged as the leading operating system for barbershops and has seen accelerated adoption this year as they have been critical to shops safely operating again in the current environment,” says Yoonkee Sull, Principal at Iconiq Capital, a privately held investment firm. “Led by Songe and Dave’s insights into the market and unwavering focus on the customer, we believe Squire is uniquely positioned to build innovative products for shop owners and barbers, become a trusted partner that helps shops thrive, and take a disproportionate share in this category.”
- Squire closed a $59 million funding round. The raise is $45 million in equity capital and $15 million in debt financing, bringing the total raised to date to $105 million. This round values the business at $250 million.
- The round was led by Iconiq Capital with participation from Tiger Global, Charles River Ventures, Trinity Ventures, New General Market Ventures, and SoftBank Opportunity Fund. Also backing this round are celebrity and strategic investors Stephen Curry, Trevor Noah, Quincy Jones, Tooey Courtemanche, Ara Mahdessian, Vahe Kuzoyan, and Pharrell Williams.
- The company has processed over $100 million of payments for over 1,000 shops to date.
- TechCrunch reported Squire’s revenue went from zero in March, when barbershops closed, to between $10 million to $20 million in ARR just 10 months later.
- In July 2020 Squire secured a $34 million Series B including $27 million in equity financing and $7 million in debt financing, bringing the total raised to $46.2 million. The round was led by CRV with participation by Tiger Global and joined by former Infor CEO Charles Phillips, along with existing investors Trinity Ventures, Catalyst Fund, Y Combinator, and others.
- July 2019 Squire raised an $8 million Series A round led by Trinity Ventures with participation from new investor 645 Ventures, as well as existing investors Y Combinator, Blue Fog Capital, Altair Capital, and Rich Dennis’ New General Market Partners.
- Previously the company raised a $4.2 million seed round that also included 43North and Y Combinator CEO Michael Seibel, serial entrepreneur Paul Judge, Gmail creator Paul Buchheit, and former Facebook executive and Global VP of TikTok Blake Chandlee.
Photo: Nathon Oski via Unsplash