Squire, a startup that sells software to barbershops, has raised $59 million in a round led by Iconiq Capital. The raise is $45 million in equity capital, and $15 million in debt financing.
The round comes just months after Squire closed its $34 million Series B, led by CRV. With the new financing, Squire has nearly tripled its valuation, up from $85 million in June to $250 million today. Other investors in the company include Tiger Global and Trinity Ventures.
What happened? Squire’s revenue went from zero in March, when all barber shops closed, to between $10 million to $20 million in ARR just 10 months later, TechCrunch has learned. The growth indicates how the next wave of barbershops will be built atop digital technology, instead of offline processes.