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Squire, the new tech startup, triples its valuation in just 6 Months to $250 M !
Squire provides valuable tools and services to barbershops on a subscription based model...
Article By Betallion44
December 11, 2020, 2:07 pm
A tech startup known as Squire has almost tripled its valuation from $85 million in June 2020 to almost $250 million in December 2020.
Squire is a tech startup which basically sells software to barbershops. Its revenue was $0 in March 2020, but in just 10 months, the Annual Recurring Revenue (ARR) has touched almost $20 million. Furthermore, Squire was also successful in raising $59 million. This was supported by Iconiq Capital, Tiger Global and Trinity Ventures. The$59 Million comprises $45 million in equity capital and $15 million in debt financing.
This huge growth in revenue and increased interest by venture capital firms, indicate that many barbershops will ride this train of fusion of offline business and tech startups, to convert offline processes into digital ones.
This pandemic has forced small businesses to think outside the box. Many offline small businesses have gone online due to the ongoing Covid-19 pandemic. Many tech startups are supporting this transition. The sharing economy and subscription based tech startups provide necessary tools and opportunities to these offline small businesses to go online, and fundamentally increase their reach to thousands of new customers, and ease of doing business.
Dave Salvant and Songe laRon are co-founders of Squire, and started the business in 2016. Salvant told TechCrunch:
We just took off like a lightning bolt.
Apparently it seemed that barbershop business was simple, but actually it’s not. The operations include many transactions, because clients request different services from different barbers. Squire provides all these services to its clients digitally and also takes care of all complex payments and various transactions.
Squire will provide a single point of sale to the customers by offering services from many barbershops. Furthermore, it will also provide financial tools to the barbershop owners, which do not have access to traditional financial institutions.
Currently Squire’s staff consists of only 100 people. The capital raised by squire will be spent to hire new sales and marketing professionals mainly, which will enable it to expand into new markets like the United Kingdom, Canada and also Australia.
It is interesting to see how different startups are filling the gaps and increasing ease of doing business and unlocking the full potential of offline small businesses.
If you run a barbershop, then Squire is a must for you, if you want to achieve exponential growth of your business, and also increase your profits. Squire will help you achieve that. So what are you waiting for, click on this link to get started right away.
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