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.”
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.