Squire, barbershop and scheduling App Raise $34 million

Squire Technologies announced on June 9, that it raised $34 million in Series B funding led by CRV, and had in attendance other organizations including San Francisco 49ers organization, Tiger Global, and Charles Philips, former CEO and Chairman of Infor. In the same period a year ago, Squire raised $8 million in one round of Series A funding led by Trinity Ventures, bringing its total 2019 funding to $12.2 million. Within a year, the tech startup has raised a total of $46.2 million in funding.

Squire is a Black-owned management, scheduling, and point-of-sale app created for barbershops. The app allows barbers to manage schedules, waitlists, and digital payment, as well as set up loyalty programs for their customers and much more. It is a safe and effective app for barbershops to use in this post-pandemic era because all payments are cashless and contactless.

This Series B funding includes is divided into two parts: $27 million in equity financing and $7 in debt financing. The barbershop management and point of sale tech startup provides barbers and male groomers the ability to operate their businesses more effectively through a digital platform.

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

With new COVID-19 safety measures and regulations in place, Squire Technologies will work hand in hand with shops to create a more effective and digitized organizational structure. It plans to achieve this by helping barbershops and male groomers’ shops reclaim part of their losses and increase their overall revenue afterward, in a post-pandemic society.

“Small businesses are hurting right now. Fortunately, barbershops are well-positioned to thrive in an economic downturn,” co-founder and CEO of Squire Songe LaRon said. “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.”

In addition, Dave and Songe of Squire, intend to use this funding to support barbers as a way of giving back to them by educating and equipping them with the things necessary to thrive in the post-pandemic era. The team has also created an online platform www.helpbarbershops.com to provide barbershop owners with relevant information about available federal relief programs aimed at supporting their businesses and provide training and other digital aids needed to help communities.

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