A press release reports that SQUIRE Technologies, Inc. — the only full scale barbershop management and POS system of its kind — has raised a $60 million Series D, bringing its total raised since launching to roughly $165 million, thus tripling its valuation to $750 million overall.
The funding round was led by Tiger Global, with participation from existing investors such as ICONIQ Capital, Charles River Ventures and Trinity Ventures.
Since 2015, SQUIRE has been offering its unique slate of services to benefit shop owners looking to scale their businesses and clientele, allowing them to cut back on time spent managing back office operations. With its new funding, the company plans to expand its engineering teams and increase sales as it continues to grow exponentially beyond its existing markets.
“Our software helps our customers with nearly every workflow in their business, including scheduling, CRM, payments, inventory, payroll and more,” SQUIRE co-founder and CEO Songe LaRon said in a statement. “With SQUIRE Capital, we’re expanding our ecosystem to provide financial tools such as instant deposits, cash advances and debit cards that will empower our customers to succeed financially.”
To date, SQUIRE has made its mark in 40 major markets, three continents and has serviced over 2,000 partners as well as built a team of over 175 employees.
Though SQUIRE took a hit at the start of the pandemic last year, it’s been able to bounce back through funding rounds that have helped the company resume its mission to cater to barbers. Its goal now is to keep elevating and take the company to the next level.
“We’re excited to further our commitment to SQUIRE, and with Dave and Songe, as they continue to build the tools and systems that are necessary in this industry,” John Curtius, Partner at Tiger Global, said in a statement. “As businesses begin to reopen, SQUIRE is at the forefront of forward thinking solutions that advance both the shop owner and client experience.”
SQUIRE initially set out to make scheduling barbershop appointments a more seamless process, but has since expanded into developing innovative resources like SQUIRE Capital — a money management platform that fits the unique needs of barbershop operations.
The company’s hope is that these tools will allow shop owners to work more effectively, sharpen their business awareness and help barbers create more financial stability.
For more information about SQUIRE, visit its website.