Saskatoon-based Coconut Software has received $1.75 million in debt financing from CIBC Innovation Banking, with the company intending to support its strategic plan and to invest in its growth.
In the months following its Series A, the company doubled its staff headcount to over 50.
Coconut Software is a cloud-based SaaS appointment scheduling and lobby management solution that is modernizing how banks and credit unions engage with their clients. Its solution aims to drive more customer loyalty to businesses, while providing a personalized user experience.
“CIBC Innovation Banking is excited to partner with a top tier management team that has built a scalable platform that allows clients to personalize relationships with their customers by transforming how they manage appointments,” said Rob Rosen, managing director at CIBC Innovation Banking. “Coconut’s solutions are disrupting the industry standard.”
Founded in 2007, Coconut Software is headquartered in Saskatoon, with one office in Toronto. The company is backed by Information Venture Partners, ScaleUp Ventures, StandUp Ventures, and Neal Dempsey of Bay Partners.
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Coconut focuses mainly in the financial services industry where high volume, multiple time zones, locations, staff availability, and service offerings require a solution with unparalleled levels of security and compliance, and is also on-demand and easy to use.
The company’s hope is by enabling the customer to schedule appointments, its software can reduce frustration from waiting in line or on the phone. Currently, Jackson Hewitt, London Drugs, Rogers, and Telus are all using the platform.
Coconut’s last funding round was a $4.2 million Series A in 2017, led by Toronto-based Information Venture Partners, with participation from Toronto firms ScaleUp Ventures and StandUp Ventures. Coconut CFO, Peter Cauley, told BetaKit the company hasn’t raised any funding since then until today’s debt financing, but noted that the company has undergone some big changes.
In the 15 months since the Series A, the company doubled its staff headcount to more than 50 employees and opened a new sales and marketing office in Toronto. Cauley said Coconut has tripled its annual recurring revenue, and has added more modules to its product.
“CIBC is well-established as the leader in funding SaaS companies in Canada, and we’re happy that they will be there to help fund Coconut’s future growth,” said Katherine Regnier, Coconut’s CEO and founder.