This Barbershop Management Startup Has Already Raised 55 Crores In Funding

Backed by Y Combinator, the business management platform for barbershops, Squire, has already successfully raised approximately 55 crores from the Series A funding round by Trinity Ventures. Ever since its operation in 2016, this platform is currently used in across 28 major cities in three different countries and processed over $100 million worth of payments.

Among 28 cities where it engages, the company experienced rapid growth in major cities like San Francisco, New York, Los Angeles, Atlanta, Miami, and Toronto.

Schwark Satyavolu - General Partner from Trinity Ventures replied to TechCrunch that this platform actually has been very efficient and effective in achieving those businesses as they help to figure out a product model in an efficient and cost-effective way.

Squire provides a suitable tiered business model to the needs and the size of the barbershop, which costs around $30 to $250 per month. The most primary level enables some functions like booking appointments and reports.

The full package includes more features such as an app, multiple locations, rewards for loyal customers and a customer wait list.

At first, this app was free of charge but as it grew, it quickly came to the realization that shops found paying something to use its convenience acceptable.

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Songe LaRon, Squire co-founder told TechCrunch said that when talking and interacting with customers, they realized building a backend management system held many valuable opportunities. As they started to create these features, which were free at the beginning, the customers were quite skeptical as they were familiar with paying something to use.

Squire now see its potential in applying its platform into other fields, but for the present, it will focus mainly on barbershops and the men’s grooming market opportunity that values approximately $20 billion.