Fort Worth-based payment advance platform SquareDash has raised over $20 million in total financing to accelerate growth, with its latest equity round led by FINTOP Capital.
The latest equity round builds on SquareDash’s previous equity raise in mid-2023 with participation from Hivers and Strivers, The PenFed Foundation, i2BF Global, The Hustle Fund, The Council, and other angel investors.
SquareDash also secured a $15 million credit facility that can expand to $25 million as needed. The company said the funds will be used to expand its payment advance and subscription services, grow the team, and invest in sales and marketing.
The company was founded in 2022 by U.S. Navy veteran Matt Fruge after he successfully ran a roofing company for over 10 years.
“As a former roofer myself, I know firsthand the cash flow challenges faced by roofing and restoration businesses,” Fruge said in a statement. “With this latest funding, we’ll be able to help even more of these entrepreneurs get paid faster for their hard work and grow successful businesses. I’m grateful for the support of FINTOP Capital, PenFed Foundation, and all our investors who share our mission.”
Helping contractors overcome insurance claim challenges
SquareDash offers both claim funding and a subscription service to manage the billing, payment, and collections process. It empowers roofers and restorationists, especially those in the $2 million to $15 million revenue range, to overcome insurance claim challenges and get paid the same day they finish work.
“SquareDash is tackling a huge market inefficiency and empowering restoration professionals to control their cash flow and expand their businesses,” John Philpott. a partner at FINTOP Capital, said in a statement. “Matt and the team have built an innovative platform, and we’re excited to support their growth as they transform payments in the roofing industry.”
SquareDash was selected to participate in The PenFed Foundation Veteran Entrepreneur Program Fall 2022 Cohort, a program that exclusively supports veteran and military spouse entrepreneurs building highly scalable startup companies — ranging from the idea stage through to Series A and beyond.
“It’s been a privilege to support Matt and SquareDash through our Veteran Entrepreneur Program,” PenFed Foundation President Andrea McCarren said in a statement. “As a veteran-led company solving real challenges for roofing businesses, it is a prime example of the innovative startups we seek to elevate. This funding is a testament to the strength of their vision and execution.”
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