A tech platform for barbers, TheCut, has raised $ 4.5 million in new funding from a group of investors including Nextgen Venture Partners, Elevate Ventures, Singh Capital and Leadout Capital. nTheCut has received a total investment of $ 5.35 million since its inception in 2016, after founder Obi Omile Jr. informed us.
Kush and Omel V Patel developed the mobile app that provides barber information and ratings to potential clients, along with appointment management, mobile payments, and back-end pricing.
“Kush and I both had terrible experiences with haircuts and decided to create an app to help find great barbers,” Omile said. “We found out there were some great barbers, but no way to find them. You can search Google, but it doesn’t list the individual hairdresser. With theCut, you can discover an individual hairdresser and find out if they are a perfect fit for you and won’t screw up your hair.
The software also opens up new possibilities for barbers, including a client list, haircut notes and photographs, and data tracking. Barbers can use digital trends to offer additional services and extras to increase their income by offering payments. There is a client-side search feature that includes hairstylist profile photos, ratings and reviews, a list of service choices and pricing.
“We’re in hire mode,” Ovle said. “There are 400,000 to 600,000 barbers in the United States, and it’s a very fast growing market.” As a result, the new money would be used to hire more people, boost marketing efforts, and expand operations across the country. “We have come to a point where we are hitting our stride and seeing our business grow significantly; therefore, we engage in recruitment, ”he continued.
The hair care app, which started out as a mobile business and has since grown into one of the most popular apps in the world, is quickly becoming a household name. In fact, since its inception, the company has generated over $ 500 million in sales and gaining over 100,000 new monthly users. In addition, the application records an average of 1.5 million appointments each month.
Finally, Omile plans to expand the capabilities of the app with new features such as a digital store and the ability to process more physical payments through the introduction of a card reader for in-person transactions. TheCut will also invest to enable barbers to have closer ties with their clients.
“We are building software to allow people to be the best version of themselves, in this case barbers,” he added. “The relationship with customers is an opportunity for the barber to make specific product recommendations and create a grooming experience.”
Ali Rosenthal, Founder and Managing Partner of Leadout, has joined the company’s board of directors as part of the investment. She described Omile and Patel as good entrepreneurs who are experts in their markets and data-driven engineers.
“They had done so much with so little by the time we met them,” Rosenthal added. “They create a passionate community and a modern, technology-driven feature set tailored to the needs of their customers.”
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