Just like any other retailer, barbershops need to process customer payments. Startup Squire Technologies that offers a barbershop management and point of sale system software raised a Series B funding round comprised of $27 million in equity financing and $7 million in debt financing. Funds will be used to add financial services to the company’s existing digital platform as the startup continues its expansion now having received additional funding.
The round led by CRV had notable participation by Tiger Global, San Francisco 49ers organization, and the former CEO and Chairman of Infor, Charles Phillips. They join existing investors Trinity Ventures, 645 Ventures, Comcast Ventures’ Catalyst Fund and Y Combinator.
Squire’s platform provides barbers and shop owners payment technology for their businesses, enabling them to do cashless and contactless transactions, bringing their customers appreciated efficiencies that will spur their return visit.
“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.
“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.
The well-funded startup has weathered the impact of the COVID-19 pandemic and is positioned to help small business owners reclaim some of their losses from the crisis and build revenue for the future.
Also available to small business owners is an advisory and informational website, www.helpbarbershops.com, that outlines eligibility standards for federal relief programs.
