As barbershops boom, Squire Technologies draws a $750 million valuation
As#nbsp;everyone looks to#nbsp;ditch the "COVID manes," Squire Technologies is#nbsp;growing its war chest.
Having benefited from a#nbsp;rash of#nbsp;barbershops digitizing during the era of#nbsp;social distancing, Squire, the maker of#nbsp;software specifically aimed at#nbsp;businesses that trim men’s hair and beards, on#nbsp;Wednesday announced a#nbsp;new round of#nbsp;funding that triples its valuation to $#nbsp;750 million just under a#nbsp;year since it#nbsp;received its last venture round less than a#nbsp;year ago. (That round, officially announced back in#nbsp;December, was led by#nbsp;Iconiq Capital, a#nbsp;multifamily office who invests on#nbsp;behalf of#nbsp;high-profile tech executives including Facebook’s Mark Zuckerberg, LinkedIn’s Reid Hoffman, and Twitter’s Jack Dorsey.)
The new Series D#nbsp;round, which totals around $#nbsp;60 million, was led by#nbsp;Tiger Global and included participation from Iconiq, CRV, and Trinity Ventures.
At#nbsp;the start of#nbsp;stay-at-home orders last year, Squire’s revenues plummeted. But as#nbsp;businesses began reopening at#nbsp;limited capacity, more and more barbers began turning to#nbsp;Squire to#nbsp;coordinate scheduling and manage payments—giving the company a#nbsp;boost.
Since Squire takes both a#nbsp;subscription fee and a#nbsp;percentage of#nbsp;each haircut or#nbsp;trim made through its platform, Squire’s founders, President Dave Salvant and CEO Songe LaRon say rising vaccination rates and return to#nbsp;higher occupancy limits in#nbsp;barbershops has continued to#nbsp;benefit the company as#nbsp;consumers return to#nbsp;professionals to#nbsp;get their cuts.
"We've started seeing more shops coming back online that didn’t close down and their customers coming back with pent up#nbsp;demand," said LaRon.
While the company declined to#nbsp;give a#nbsp;specific revenue figure, it#nbsp;expects to#nbsp;grow its topline by#nbsp;about 300% this year.
Having been an#nbsp;investor in#nbsp;Squire since mid-2020, Tiger put its bid for the company together rapidly, over the course of#nbsp;a#nbsp;week. Adhering to#nbsp;its playbook, the hedge fund-turned-omnipresent-venture-investor will not be#nbsp;taking a#nbsp;board seat#nbsp;— a#nbsp;strategy that has helped the investor win many deals, including, it#nbsp;seems, this one.