SquareDash Raises Over $20 Million to Accelerate Growth and Get America's Contractors Paid Faster

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Mar 14, 2024, 06:07 ET

SquareDash empowers roofing and restoration companies to streamline their operations with its managed billing services and to get paid the same day they finish the work on approved property insurance claims.

FORT WORTH, Texas, March 14, 2024 /PRNewswire/ -- SquareDash, the top payment advance platform in the property insurance restoration industry, today announced it has raised over $20 million in total financing to accelerate growth. The latest equity round, led by FINTOP Capital, 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. The company also secured a $15 million credit facility that can expand to $25 million as needed. The funds will be used to expand the company's payment advance and subscription services, grow the team, and invest in sales and marketing.

SquareDash Logo

FINTOP Logo

Founded in 2022 by U.S. Navy veteran Matt Fruge after successfully running a roofing company for over 10 years, SquareDash offers both claim funding and a subscription service to manage the billing, payment, and collections process. This 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.

"As a former roofer myself, I know firsthand the cash flow challenges faced by roofing and restoration businesses," said CEO and Founder of SquareDash Matt Fruge. "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."

"SquareDash is tackling a huge market inefficiency and empowering restoration professionals to control their cash flow and expand their businesses," said Partner at FINTOP Capital John Philpott. "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. The program 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," said PenFed Foundation President Andrea McCarren. "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."

For more information about SquareDash visit https://squaredash.com.

About SquareDash
SquareDash is on a mission to empower roofing and restoration companies to overcome insurance claim challenges and get paid the same day they finish the work. SquareDash offers both claim funding and a subscription service to manage the administration through the billing, payment and collections process.

About FINTOP Capital
FINTOP Capital is a venture capital firm focused on early-stage FinTech companies. With over $700 million in committed capital across five funds, FINTOP brings decades of FinTech founding and operating experience to the board room, partnering with innovative entrepreneurs to push the frontiers of the financial services sector.
www.fintopcapital.com

About PenFed Foundation
Founded in 2001, The PenFed Foundation is a national nonprofit organization that supports veterans in their transition from service to success. Affiliated with PenFed Credit Union, the Foundation has provided more than $50 million in financial support to veterans, active-duty service members and military families. The credit union funds the Foundation's personnel and most operational costs, allowing 99% of incoming donations to go directly to our programs. To learn more, please visit www.penfedfoundation.org.

SOURCE PenFed Foundation