Squire, a Y Combinator-backed business management platform for barber shops, just raised an $ 8 million Series A round led by Trinity Ventures. Since its launch in 2016, Squire has grown to operate in 28 cities in three countries with more than $ 100 million in transactions processed to date.
In the 28 cities where Squire operates, the company says it sees the most traction in cities like New York, San Francisco, Miami, Atlanta, Los Angeles and Toronto.
“They have been very effective and efficient in acquiring these businesses,” Trinity Ventures General partner Schwark Satyavolu told TechCrunch. “They have been very profitable and have discovered a product model that is efficient.”
With funding in tow, Squire plans to recruit additional engineers, build a sales team, and start spending money on marketing.
Squire has a tiered business model that ranges from $ 30 per month to $ 250 per month, depending on the size and needs of the barbershop. The most basic plan includes features like booking and reporting capabilities, while the full plan includes all of that plus a custom app, multi-location support, loyalty rewards, and a waiting list.
Squire didn’t initially charge barbershops, but quickly realized that stores were willing to pay for what they offered.
“In talking to customers, we realized that there were many opportunities to create value in a back-end management system,” Squire co-founder Songe LaRon told TechCrunch. “And when we started working on those features, they often expected to pay something. When we said it was free, they were actually a bit skeptical. “
Moving forward, Squire sees a future where it could extend its model to other vertical markets, but says it is currently focusing on hair salons and the $ 20 billion market opportunity for men’s grooming.
