Squire Brings Tech to the Barbershop
If you walk into a barbershop in New York City, you’ll likely realize that barbershops offer more than just a trim.
As the hangout spot of local neighborhoods, they inspire passionate conversations, and often infuse the camaraderie associated with these charming establishments and their barbers. But, over the last decades, even the most iconic barbershops have struggled to survive.
Songe LaRon, an attorney, and Dave Salvant, a private banker, were determined to change that. Having grown up witnessing local barbershops’ impact on their local communities, they decided to launch a business that would optimize how owners ran their daily operations. And that’s how Squire was born.
They quit corporate life and started investigating a solution by running a barbershop themselves. In 2016, they purchased a barbershop license in Manhattan for $20,000 and ran it for a year. They did everything but, thankfully, cut customers’ hair. However, Songe and Dave soon realized that the industry’s lack of managing tools and online presence led to a loss of revenue and a poor customer experience.
Their solution was stellar: Songe and Dave began assembling a team to create a platform providing shop owners with integrated booking software, enhancing the shop’s brand experience with loyalty programs, digital payments, and seamless communication with customers.
When streets remained empty, and stores were vacant amidst the pandemic, Songe and Dave waived fees for their clients until their barbershops could recover financially.
During this time, they leveraged Endeavor’s network to raise capital and expand their business to Australia, while also scaling their team.
Squire reached almost three thousand establishments in the U.S., Canada, and the UK, and Forbes Magazine included the company on its “25 Next Billion-Dollars Startups” list.
" "Endeavor brought us into a global network of some of the most well-respected and successful entrepreneurs. As first-time founders, we know there is always a lot to learn,"said Songe. "And mentors guided us to maintain our culture as we rapidly scaled," adds Dave."
Squire’s valuation soared from $85 million in March to $750 million in August 2021. Today, Squire advances the next frontier of growth, continuing on a path to move barbershops forward and bring the venture capital market with them. By doing so, they’ve been able to invest in those who have been inspired by the enriching conversations they’ve experienced time and time again at their local barbershop.
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