Dallas’ ShearShare has a market connecting stylists with accessible seats at salons and $2.3 million in funding

By | October 26, 2020

Courtney Caldwell and her husband Tye have been constructing the Dallas-based startup ShearShare, which supplies a market service connecting stylists with open seats at hair salons, since 2017.

Since their launch the 2 co-founders have been dedicated to the standard hustle of beginning their very own enterprise — together with flying between San Francisco and Dallas weekly to take part within the nineteenth 500 Startups cohort or taking part in Y Combinator’s Fellowship program.

Now, with a seed spherical of $2.3 million and another non-dilutive cash grant from Google for Startups Black Founders Fund, the early-stage firm is able to increase.

The 2 co-founders actually have a pedigree within the magnificence business. Tye Caldwell has been a luminary within the business and is a member-elect of the Skilled Magnificence Affiliation’s advisory board. Along with Courtney he runs an award-winning salon in Dallas.

ShearShare co-founders Tye and Courtney Caldwell

In the meantime, Courtney Caldwell spent greater than 20 years working for Oracle in expertise advertising. However the two hadn’t actually been uncovered to the enterprise capital business. So after they got here up with the concept to start out a service offering on-line matchmaking between salons and stylists — based mostly on their very own have to fill a chair at their salon — they didn’t actually no the place to show.

Enter TD Lowe. A longtime investor on her personal and with organizations like StartupGrind, Lowe launched the couple to the world of enterprise capital and startups, and the 2 have been off to the races.

“We pioneered on-demand barbershop and house leases,” Courtney stated. “If a salon or barbershop has an open station a stylist can ebook it like they’d a resort room.”

In response to the Caldwells, the wonder business is the second largest business for freelancers and unbiased contractors. Not like different firms which might be making an attempt to serve stylists by providing them options like reserving and appointments unbiased of salons — or providers for salons alone — ShearShare is making an attempt to serve either side of {the marketplace} with the instruments they want.

“We’re not a StyleSeat. We’re not a Squire,” stated Courtney. What they’re is increasing quickly. The corporate has listings in additional than 600 cities starting from a chair that rents for $15 in Georgia to 1 that rents for $569 within the coronary heart of Manhattan in New York Metropolis.

The corporate processes funds for the stylists immediately by way of a partnership with an area cost resolution known as First American Funds based mostly in Ft. Value, Texas.

“Everyone seems to be setting their sights on direct-to-consumer,” stated Courtney. “This can be a method we’re serving to to maintain individuals at work and refuel the person financial restoration.”

The subsequent step for the corporate is to start launching extra ancillary providers for stylists. They’re pioneering an insurance coverage coverage for stylists that might cowl them from on-the-job lawsuits.

“It’s turning into an enormous alternative for the stylist that simply didn’t exist,” stated Tye. And all of it started when the 2 Caldwells couldn’t discover any choices after they looked for any phrases associated to renting house at a barbershop, they stated. “We reached out to a buddy and advised her in regards to the alternative that we’d been offered with and he or she stated, ‘Guys… that’s a billion-dollar concept.’ ”

That buddy was Lowe — who got here in to advise the couple and present them the ropes of startup investing.

It’s no less than an concept that’s value tens of thousands and thousands. That’s how much the startup Mayvenn has raised for its enterprise offering hair extensions and different cosmetics to stylists.

Now with its new funding, ShearShare is able to increase, the couple stated.

ShearShare’s backers embrace: Precursor Ventures, Revolution’s Rise of the Relaxation Seed Fund, Construction Capital, Backstage Capital and 500 Startups, alongside new individuals Bread and Butter Ventures, ArlanWasHere Investments (Arlan Hamilton’s fund, during which Mark Cuban is the only real LP), Lightspeed Enterprise Companions Scouts Program (with Veronica Juarez and Jason McBride main), Jaylon Smith of the Dallas Cowboys by way of the Minority Entrepreneurship Institute, Thaddeus Younger of the Chicago Bulls with Reform Enterprise, the Bumble Fund, Notley Ventures, Sachse Household Fund and different world traders.

These traders are a part of a brand new breed of investor that’s pushing enterprise funding into areas that have been beforehand thought-about past the attain of typical corporations.

Because the chief government of a magnificence and life-style startup, Julie Fredrickson told TechCrunch three years ago, “Most of those manufacturers are commensurately underfunded in comparison with tech firms in related positions. There’s an opportunity for a completely new dominant participant and nobody’s actually gunning for it.”

There’s an enormous alternative for companies serving all features of the wonder business to flourish, entrepreneurs and traders.

“Enterprise is obsoleting itself as personal fairness and household places of work more and more go downstream as a result of they’re prepared to hunt venture-style returns in verticals that enterprise capital just isn’t ready or is much less educated about,” based on Frederickson.

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