For those who don’t already know, ULTRA by our parent company Squire, is proud to share this announcement: Squire has raised $60 million in a Series C funding round. Earlier this year, we raised $34 million for our Series B funding round. The total valuation for the company now stands at $250 million.
The Series C funding round was led by Iconiq Capital, who invests on behalf of tech executives you’ve definitely heard of like Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey. They also rep LinkedIn’s Reid Hoffman. In the Fortune magazine feature, Yoonkee Sull, a principal for Iconiq Capital says:
“Barbering and men’s grooming as a men’s industry has grown very robustly…from an interest perspective, which has been a boon to the barbershop industry.”
Even with COVID-19’s devastating impact on the barber industry during the first few months of the pandemic, barbershop revenue recovered and even grew when they reopened as essential businesses, especially with Squire’s monthly subscription fee waived. Dave Salvant, our cofounder, had this to say on why Squire is winning over other software:
“Often these businesses have to adapt their business to a generic software like Square that doesn’t take into consideration that barbers want to be tipped every day rather than the end of the day. And look, 80% of software is the same, but it’s that 20% that makes these guys’ lives a lot better. That 20% is our critical advantage.”
We’re excited to further Squire and ULTRA’s growth in 2021 for our community and the barber industry as a whole.