Squire Technologies, a Black-owned application that lets users schedule barbershop services, landed $60 million in new funding that values the business at $750 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 takes both a subscription fee and a percentage of each successful haircut made through the platform. Squire has 175 employees, and its platform serves 2,000 partners in the US and Canada and has plans to expand to the UK.
WHY: Squire wasn't looking for capital when existing investor Tiger Global, which participated in its Series B and C rounds, offered to lead its next round. The start-up has only spent 10% of its previous $45 million round and now has plenty of dry powder. The capital will allow for more aggressive expansion in the UK and Canada, and puts the co-founders in a position to acquire companies, a strategy that Squire co-founder and President Dave Salvant is into and plans to be "aggressive about."
IN THEIR OWN WORDS: Squire is on its way to becoming a still rare Black-led unicorn. Talking about the significance Dave Salvant, Squire President, said, "Let's face it, we're not typical founders, we don't look the same and we don't act the same. I just want to serve as a lighthouse and this is validation for myself, my co-founder, but more importantly, what's coming after us.”
“We're excited to further our commitment to Squire, and with Dave and Songe [CEO Songe Laron], as they continue to build the tools and systems that are necessary in this industry," John Curtius, partner at Tiger Global, said. "As businesses begin to reopen, Squire is at the forefront of forward-thinking solutions that advance both the shop owner and client experience.”
- Squire landed a $60 million Series D round valuing the business at $750 million. The round was led by Tiger Global with participation from existing investors such as Iconiq Capital, Charles River Ventures, and Trinity Ventures.
- Squire launched Squire Capital, a money management platform with tools tailored to the needs of barbershop operations, such as instant payments. The fintech layer offers a more niche service than current financial services options such as Square or Paypal.
- To date, Squire is in 40 major markets and three continents, and has serviced over 2,000 partners.
- In December 2020, 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.
- 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.
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