Squire Technologies, a Black owned application that lets users schedule barbershop services announced a new funding haul of $60 million.
The new round of funding has brought the valuation of Squire to $750 million. The series D round of funding totaled $60 million and was led by Tiger Global according to Squire.
Squire is a full-scale barbershop management system for barbershop owners and customers. The platform allows customers to easily schedule and manage their appointments and allows barbers and barbershops to accept payments through Android or Apple Pay and manage schedules. Squire also allows barbers to increase their clientele while reducing the amount of time customers have to sit in the barbershop waiting for their turn.
Squire takes both a subscription fee and a percentage of each successful haircut made through the platform.
Squire president Dave Salvant and CEO Songe LaRon told Fortune rising vaccination rates and a return to higher occupancy levels in barbershops has benefitted the platform as customers have returned to their pre-COVID lives, including routine haircuts, salon visits, manicures and pedicures.
“We’ve started seeing more shops coming back online that didn’t close down and their customers coming back with pent up demand,” LaRon said.
During the beginning of the pandemic, revenue in the platform plummeted as Americans were forced indoors and hair and beauty appointments were cancelled. However, as reopenings began, barber shops started digitizing their services and Squire saw their fortunes turn around. Now, Squire has 175 employers and its platform serves 2000 partners in the U.S. and Canada and has plans to expand to the U.K.
“We’re excited to further our commitment to SQUIRE, and with Dave and Songe, as they continue to build the tools and systems that are necessary in this industry,” John Curtius, Partner at Tiger Global said. “As businesses begin to reopen, SQUIRE is at the forefront of forward-thinking solutions that advance both the shop owner and client experience.”