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Unicorns are ready for a haircut

The digitization of your haircut may not have been on your 2020 bucket list, but 2021 has an even more surprising line item: Tech-powered barbershops are now a business proposition valued at nearly a billion dollars.
Squire is a back-end barbershop management tool for independent businesses. I first covered it in the early months of the COVID-19 pandemic. The startup raised millions of dollars days before its key clientele — barber shops — were shut down across the country. The company eventually went from defense to offense in its growth strategy, finding itself as a key partner for any barbershop that needed to start offering contactless payments, digital appointment booking and a more seamless customer experience built for a generation used to doing everything online.
This week, Squire tripled its valuation thanks to a Tiger-Global-led round. The company is now worth $750 million, after being valued at around $75 million when we first spoke to them.
When I spoke to co-founder Dave Salvant, who launched the company with Songe LaRon in 2016, he explained how the company is now in a spot to expand into other barbershop-specific value propositions — either through acquisitions or partnerships. This week, for example, Squire announced that it launched a payment processing arm with Bond, a venture-backed fintech infrastructure company. The company also partnered with Gusto to bring on HR services for its clientele. Salvant noted how the progress of tech, especially financial services, lets them offer up a strong product without needing to build everything in-house.
While these are partnerships for now, I wouldn’t be surprised if we see Squire begin to scoop up companies that can unlock value from its existing datasets of how barbershops function and what kind of capital comes in and out of those doors.
Behind the numbers:



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It’s a company to watch that fits into the narrative of pandemic rocked, then proven startups looking to expand with fresh capitalization. Less common, though, is that Squire is now en route to becoming a historical and unfortunately still rare Black-led unicorn. More data points, the better.
In the rest of this newsletter, we’ll discuss Robinhood’s public debut and why a CEO thinks everyone needs to be them for a day. You can find me on Twitter @nmasc_.

Robinhood sells Robinhood


Unicorns are ready for a haircut
Image Credits: TechCrunch
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