Halifax-based Cribcut, an online platform that connects mobile hair stylists to clients, announced it has raised $1.06 million in equity funding to help finance its expansion across Canada and the United States.
The company recently closed a second pre-seed round of $800,000, bringing its total pre-seed funding to over a million dollars.
“Cribcut has done for hair stylists what Uber has done for the average car owner.”
Cribcut is a SaaS marketplace that allows stylists to provide clients with hairdressing services at their homes and offices. The company’s platform helps stylists find clients, book appointments, optimize travel, receive payments and receive ratings.
Investors in the round include Innovacorp, Ramen Ventures, Georgian Angel Network, Valhalla Angels, Broken Glass Angels, and fellows from the Creative Destruction Lab, including David Wilson, Tom Hickey, and Frank Sobey.
“Cribcut helps hairstylists run mobile salons, disrupting the $300 billion-plus haircare industry,” said Cribcut CEO, David Howe, to Entrevestor. “And we do it without needing to own a single salon, blow dryer, or pair of scissors. Cribcut has done for hair stylists what Uber has done for the average car owner, and what Airbnb has done for the average homeowner.”
Cribcut announced in December that it received $15,000 from Venture Grade, a student-run venture capital fund at St. Mary’s University. Last May, the company expanded its offices to Toronto to supplement its headquarters in Halifax.
The company has seen more than 40 percent monthly client and revenue growth over the last six months. Stylists using Cribcut have carried out a total of 6,000 appointments and are represented in 27 US states and four Canadian provinces. With a current team of 10 employees, the company intends to expand team at its Halifax and Toronto offices by 50 percent over the next nine months, according to Entrevestor.
“Cribcut empowers stylists, often women, to become entrepreneurs and achieve freedom, flexibility, and financial success,” Adam McNamara, a partner at Toronto-based Ramen Ventures, told Entrevestor. “We love the team and their mission and we’re excited to support them.”
Image courtesy Cribcut.