With the new investment spearheaded by CRV, the company plans to provide resources to barbershops amid COVID-19 crisis
NEW YORK, June 9, 2020 /PRNewswire/ -- Squire Technologies, the premier barbershop management and point of sale system software, announced today their Series B led by CRV, with participation from Tiger Global, San Francisco 49ers organization, and the former CEO and Chairman of Infor, Charles Phillips, and existing investors Trinity Ventures, 645 Ventures, Comcast Ventures' Catalyst Fund and Y Combinator. This Series B 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.
The company has also launched www.helpbarbershops.com, a one-stop informational website for shop owners, which outlines eligibility standards for both federal and international relief programs.
About Squire Technologies
Founded in 2015, Squire Technologies provides a robust, fully integrated software system for Barbershops and men's salons. This 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 has offices in New York City and Buffalo, NY, and maintains operations in 35 major cities across the United States, Canada, and the United Kingdom. Squire is a Y Combinator-backed company and is a 43North award recipient. For more information, visit http://www.getsquire.com
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SOURCE Squire Technologies