Squire Technologies, a company which provides payment solutions to barbershops and other retailers, has raised $34m in Series B funding.
The company secured $27m in equity financing and $7m in debt financing through the round, which was led by CRV.
Tiger Global, San Francisco 49ers organization, Charles Phillips and its existing investors among others also participated in the fundraising.
Overall, the start-up has raised a total of $46.2m to date.
Established in 2015, Squire Technologies delivers software system for barbershops featuring several tools including POS, scheduling, payroll and CRM.
The company will utilise the new proceeds to equip the shops to conduct contactless transactions. A part of the funding will also be utilised to train the staff with digital practices.
It comes at a time when the Covid-19 pandemic has increased demand of digital transactions.
Squire co-founder and CEO Songe LaRon said: “Small businesses are hurting right now. Fortunately, barbershops are well-positioned to thrive in an economic downturn since people will always need haircuts.
“We’re focused on providing the payment infrastructure and financial services that will help barbershops reopen successfully and excel post-Covid. This investment will help us scale and execute on our goal of becoming the industry standard for barbershops.”
CRV general partner Reid Christian said: “Barbershops have been forced to modernise overnight, where scheduling and digital payments have become imperative to their operations and livelihood.
“And thankfully for shop owners, they have Squire to enable their expedited digital transition.”