Tech Meets a Staple of the Black Community with Squire’s Latest $250 Million Valuation
When thinking about a haircut, we think about making a quick appointment or showing up as a walk-in. We pledge our loyalty to our favorite barbers, always hoping our lineup is fresh, and the alcohol sprayed on our neck doesn't burn too badly. What many of us missed, was the thought that technology could enhance our barbershop experience. But for co-founders, Dave Salvant and Songe LaRon, the two Black men who created the app SQUIRE technology was the natural progression of a main staple in the Black community.
What began as a back-end barbershop tool in 2016, SQUIRE has transformed into a showstopping business that has the likes of Trevor Noah, Stephen Curry, Quincy Jones, and Pharell Williams wanting a piece, which is apparent by their latest round, raising $59 million. Bringing their total for the year to $93 million. Seeing a solution in a difficult operation for barbershops, 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 the 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 Salvant in a statement about the C round that has fans around the community clapping their hands.
With their valuation now at $250 million the two trailblazers continue their 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.
Learn more about SQUIRE.