Black Founders Of Barbershop Tech Platform Squire Raise $60M At $750M Valuation

Black Founders Of Barbershop Tech Platform Squire Raise $60M At $750M Valuation


Black Founders Of Barbershop Tech Platform Squire Raise $60M At $750M Valuation Image credit: Squire

Barbershop tech platform Squire has been around since 2016 and it keeps gaining momentum. The company announced that it has raised a $60 million round led by investment firm Tiger Global, tripling its valuation to $750 million.

The New York startup was founded by Songe LaRon, an attorney, and Dave Salvant, an MBA. LaRon bought a barbershop in New York City’s Chelsea neighborhood and though neither of them was a barber, they made the shop a success. The OG shop is now owned by a larger barbershop chain, TechCrunch reported.

They first tripled their valuation in December after raising a Series C round. The ​​valuation rose to $250 million.

“Let’s face it, we’re not typical founders, we don’t look the same and we don’t act the same,” Salvant told TechCrunch. “I just want to serve as a lighthouse and this is validation for myself, my co-founder, but more importantly, what’s coming after us.”

The pair came up with the idea of a barbershop tech platform that people can use to book and pay for barbershop visits on their cell phones. Squire’s scheduling and all-inclusive platform is used by barbers, barbershop owners, and people looking for a barber. 

Squire is a 175-person company and its platform is used by more than 2,000 shops across three continents.

In 2019, Squire announced $8 million in Series A funding that brought Squire’s total financing to $12.2 million. In June 2020, the platform raised $34 million in a Series-B funding round.

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Now, it has tripled its valuation, again. Off of 300 percent year-over-year revenue growth, Squire is now valued at $750 million. 

Squire announced other news. It debuted Squire Capital, a money management platform with tools catering to barbershop operations.

READ MORE: Disrupting Grooming With Barbershop Tech: Squire’s Songe LaRon On Mogul Watch