Squire is looking like another potential windfall for 43North.
The company, which offers management software for barbershops, recently raised $60 million in Series D funding on a $750 million valuation.
Squire won a $650,000 award in 2017 from 43North – a state-funded business competition that seeks to bring startups to Buffalo – and has about 20 employees in the region, according to Dave Salvant, Squire co-founder and president.
43North initially took a 5% equity stake in Squire, per the rules of the competition, though that percentage has likely dropped over time as venture capital firms backed the company.
M&T Bank CEO Rene Jones has also invested in the company, which is based in New York City.
43North’s first major liquidity event happened earlier this year, when former competition winner ACV Auctions went public. The sale of ACV's publicly traded shares is eventually expected to furnish the newly created 43North Foundation with tens of millions of dollars. Proceeds from a Squire sale, merger or go-public move would also go to the foundation.
The foundation exists to reinvest into companies and initiatives that support Buffalo’s technology economy.
Good bounce
Another 43North portfolio company, Bounce Imaging, announced recently that it was among five companies selected by the U.S. Army to do artificial intelligence and robotic technology prototyping projects.
Bounce Imaging is in good company – the group also included Lockheed Martin and Persistent Systems.
Bounce won a $500,000 award in the 2016 version of the 43North competition. Now based in Boston, it hired Buffalonian Lauren Baynes earlier this year as vice president of operations to head a sales office in Buffalo.
The office now includes four people (Bounce Imaging employs 15 overall) and could grow much more in the coming years as the firm scales its throwable, 360-degree cameras into federal, state and law enforcement market segments.
“Things are going very well as we move from small deployments to mass deployments,” CEO Francisco Aguilar said. “We continue to grow our sales team, which will be managed out of Buffalo.”
