TheCut, a platform that helps barbers manage back-end operations, has raised $4.5 Million in new funding.
Nextgen Venture Partners was the lead investor in the round, along with Elevate Ventures and Singh Capital. According to Obi Omile Jr., founder of theCut, the latest funding brings the total funding for the company to $5.35million since its inception in 2016.
Kush Patel and Omile created the mobile app, which provides information and reviews about barbers to potential customers. It also manages appointments, mobile payments, and pricing for barbers.
Kush and me both had bad experiences with haircuts so we decided to create an app to help us find great barbers. There were many great barbers out there, but it was difficult to find them. Google will not list every barber. TheCut allows you to find a barber that is a good fit for you, and will not damage your hair.
Barbers can also use the app to keep track of visits and expenses, and perhaps create a client list. Barbers can use digital trends to offer additional services or extras, and accept payments. The customer side has a search function that allows them to view their barber profile, photographs of their work, ratings, reviews, and a list with pricing and service options.
Omile stated that there are between 400,000 and 600,000 barbers working in the United States, making it one of the fastest growing markets. The new funding will be used for marketing, hiring additional talent and expanding the business throughout the country.
He said that we have reached a point where we are hitting our stride, seeing business catapulting, and are now in hiring mode.
The company has generated over $500 million in revenue since its launch, and it is growing by more than 100,000 users per month. The app also averages 1.5 million appointments per month.
Omile plans to next develop new features such as a digital shop and the ability to accept more physical payments. Omile also plans to roll out a card reader to allow for in-person payments. TheCut will also help barbers build closer relationships with customers.
He said that we are creating software to help people be their best selves, which is what we did for barbers. Barbers can make recommendations about products and provide a grooming experience through their relationship with customers.
Ali Rosenthal, Leadout's managing partner and founder, joined the company's board of directors as part of the investment. She stated that Omile and Patel are founders venture capitalists seek for in their markets.
Rosenthal said that they had accomplished so much with so little when we first met them. They have created a vibrant community and a set of tech-driven features that are customized to their customers' needs.
