Privately-held investment firm ICONIQ Capital has invested $60 million in Squire Technologies following its latest Series C funding round.
According to Fortune, the four-year-old payments company — who raised $34 million for its Series B round just six months ago — is the leading barbershop management and point of sale system software looking to help bring new businesses online.
ICONIQ, which invests on behalf of Mark Zuckerberg and Jack Dorsey, has been eyeing the male grooming industry for some time, according to the firm’s Yoonkee Sull.
“The men’s barbershop and grooming industry as a men’s industry has grown very robustly from an interest perspective, which has been a boom to the barbershop industry,” Sull said.
Founded by Songe LaRon and Dave Salvant, Squire is an all-in-one, easy-to-use platform that allows businesses to fully integrate their business into a system that can increase revenue and create a smooth customer experience. In addition, the product features contactless payments, gratuity options, virtual waiting rooms, and more.
After taking a hit at the start of the pandemic, recent funding will help resume Squire’s targeted strategy, which serves a very specific industry with deeply loyal customers, says LaRon.
“Often these businesses have to adapt their business to a generic software like Square that doesn’t take into consideration that barbers want to be tipped every day rather than the end of the day,” Salvant said. “And look, 80% of software is the same, but it’s that 20% that makes these guys’ lives a lot better. That 20% is our critical advantage.”