Financial Inclusion | June 11, 2020

Squire secures $34 million to support barbershops post-COVID

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, June 11 – High-contact businesses like nail and hair salons, barbershops and spas have been crippled by COVID, with many workers losing income for months. To reopen, they have “been forced to modernize overnight, where scheduling and digital payments have become imperative to their operations and livelihood,” observes Reid Christian of early-stage tech investor CRV.

Squire’s business-management platform helps small, independent shops with online scheduling and contactless transactions. CRV led the barbershop tech startup’s Series B round. Tiger Global, the San Francisco 49ers, and former Infor CEO Charles Phillips joined, along with existing investors Trinity Ventures, Catalyst Fund, Y Combinator and others.

Squire’s round includes $7 million in debt financing to support financial services to help barbershop owners retool for new social distancing requirements and reclaim financial losses.

“Small businesses are hurting right now,” Squire’s Songe LaRon said. “Fortunately, barbershops are well-positioned to thrive in an economic downturn since people will always need haircuts.”