There are countless things that our society has had to come to terms with in the wake of COVID-19, but one thing we’ve all learned is to never take for granted the person who cuts your hair.
As barbershops and salons open up again, they’re likely to see a significant jump in demand as everyone looks to clean up their quarantine shag. And while timelessness is part of a barbershop’s charm, some old-timey establishments may struggle to manage this influx in demand.
NY-based software startup Squire sees this as an opportunity, and it just announced a $34 million Series B funding round to address the need. This round includes $27 million of equity financing and $7 million debt financing.
Squire has built a software platform that helps with several aspects of running a barbershop or salon. It helps people make appointments and helps businesses manage bookings. It can act as a point of sale and take payments from customers. And it can also handle payroll for individual barbers and stylists. Squire also helps barbershops create their own mobile apps for customers to use.
The new funding follows the company’s $8 million Series A from last year, and brings the company’s total funding to $46.2 million.
Barbershops are also facing new regulations to keep employees and customers safe while COVID-19 is still an issue, from wearing masks to limiting the number of customers they can take at one time. Squire hopes that its platform can help ease these tensions by offering contactless payment options.
The company also plans to use this new funding to provide tools to assist barbershops owners as they learn to operate while recovering from the pandemic. This involves providing training and access to digital practices so shops can operate smoothly.
“Small businesses are hurting right now. Fortunately, barbershops are well-positioned to thrive in an economic downturn since people will always need haircuts,” Songe LaRon, co-founder and CEO of Squire, said in a statement. “We’re focused on providing the payment infrastructure and financial services that will help barbershops re-open successfully and excel post-COVID. This investment will help us scale and execute on our goal of becoming the industry standard for barbershops.”
