CIBC Innovation Banking provides Coconut Software with $1.75 million of Growth Capital Financing

TORONTO, April 23, 2019 /CNW/ - CIBC Innovation Banking is pleased to announce $1.75 million in debt financing with Coconut Software. The Company will use the financing to support its strategic plan and to invest in its growth.

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. Founded in 2007, Coconut Software is headquartered in Saskatoon, Saskatchewan with an office in Toronto. The Company is backed by Information Venture Partners, ScaleUp Ventures, StandUp Ventures and Neal Dempsey of Bay Partners.

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 on-demand and easy to use. By ensuring that the right staff member is available at the right time and place, Coconut's solution enables banks and credit unions to drive more branch sales and increase customer loyalty while providing a streamlined and personalized 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. Coconut's solutions are disrupting the industry standard," said Rob Rosen, Managing Director, CIBC Innovation Banking.

"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.

About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. The team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses in Canada and the U.S.

About Coconut Software
Coconut Software is modernizing how banks and credit unions engage, because everyone's time is money. With a centralized, service engagement platform, financial organizations can optimize their workforce with real-time insights into sales and support interactions, while providing an effortless customer experience across all touchpoints, whether online, in-branch, or through the contact center. The Company has been revolutionizing appointment scheduling since its launch in 2007.

SOURCE CIBC Innovation Banking

CIBC: [email protected] 416-306-9760