Coconut Software said it will use the funds to supports its strategic plan and to invest in its expansion.
Founded in 2007 by CEO Katherin Regnier, Coconut provides a cloud-based SaaS appointment and lobby management solution that helps banks and credit unions engage with their customers.
The company is backed by Information Venture Partners, ScaleUp Ventures, StandUp Ventures, and Neal Dempsey of Bay Partners.
“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.