New York: SQUIRE Technologies has secured $59 million in a Series C funding round, raising its total amount to more than $100 million.
Led by ICONIQ Capital with Tiger Global, Charles River Ventures, Trinity Ventures, New General Market Ventures, and SoftBank Opportunity Fund, this funding round is the most significant to date. Series C includes $44 million in equity financing and $15 million in debt financing, bringing the total raised to $105 million since its inception.
SQUIRE is the only platform for barbershops around the world to operate and scale their businesses successfully. The company has processed over $100M of payments for over 1,000 shops to date. By centralizing and streamlining key workflows onto one platform, SQUIRE reduces the need for paper-based processes, increases efficiency, eliminates excess costs, and enhances customer experience.
“We are excited to partner with ICONIQ Capital and have the continued support of Tiger Global, Charles River Ventures, and Trinity Ventures and new investor Softbank. With this infusion of capital, we will have expanded our sales, marketing, and product efforts. Still, most importantly, we will continue to support our customers through these difficult times,” says Dave Salvant, SQUIRE Co-Founder and President.
“SQUIRE has emerged as the leading operating system for barbershops and has seen accelerated adoption this year as they have been critical to shops safely operating again in the current environment,” says Yoonkee Sull, Principal at ICONIQ Capital, a privately-held investment firm. “Led by Songe and Dave’s insights into the market and unwavering focus on the customer, we believe SQUIRE is uniquely positioned to build innovative products for shop owners and barbers, become a trusted partner that helps shops thrive, and take a disproportionate share in this category.”
Also backing this round are a celebrity and strategic investors Stephen Curry, Trevor Noah, Quincy Jones, Tooey Courtemanche, Ara Mahdessian, Vahe Kuzoyan, and Pharrell Williams.
As SQUIRE expands, the company’s impact on the barber industry does as well. As a continued show of support to the barber community during ongoing unprecedented times, the company has committed to further easing the burden by waiving 2021 subscription fees for new customers who sign up by the end of the year.
“We decided to waive our subscription fees so that all shops can have access to tools designed to help them survive this challenging environment and eventually recover stronger,” says Songe LaRon, SQUIRE Co-Founder and CEO. “It’s our commitment to our community.”