London-based CIBC Innovation Banking has invested $12 million in growth financing in Phorest, an online booking and management software platform for salon owners.
Dublin-based Phorest will use the funding to expand its market growth and boost the launch of new products, the company said in a news release Monday (March 7).
“CIBC Innovation Banking has provided incredible support to our team at Phorest over the years,” said Phorest Vice President of Finance Jonathan Miller. “We’re grateful for their assistance through this growth facility, which will enable our immediate market development plans and accelerated product initiatives.”
More than 155,000 hair, beauty, and clinic professionals used Phorest’s software, which lets salon teams to focus on their passion and the success of their business by easing their administrative burden. The company says it touches “every point of the salon experience,” including online bookings, stock control, eCommerce and payments.
“We’re proud to be supporting Phorest as they continue to scale their offerings for hair, beauty, and clinic professionals globally,” said Sean Duffy, managing director in CIBC Innovation Banking’s London office. “Phorest and its team have provided solutions to thousands of businesses in the industry, and we look forward to seeing how they grow through the development of new strategic products.”
Learn more: CIBC Innovation Banking Finances Graphite Ventures Through Series A Rounds
Last month, CIBC provided financing solutions, including a capital call line of credit, to seed-stage investment firm Graphite Ventures through Series A rounds.
The two firms said the capital call facility will let Graphite invest in portfolio companies prior to calling capital from the fund’s limited partners. Graphite will continue to support capital investments in early-stage companies throughout Canada, allowing them to scale globally.
Also last month, CIBC Innovation Banking provided $100 million as a credit facility to payments super app Expensify to help the firm expand and add products.
Related: Expensify Lands $100M Credit Facility From CIBC Innovation Banking
Expensify provides free corporate cards, expense tracking, next-day reimbursement and services such as bill pay, invoicing, and trip booking to 10 million members, and integrates with every major accounting software along with a number of human resources (HR), tax, practice management and travel platforms.
