CIBC Innovation Banking Provides $12 Million Financing to Phorest Salon Software to Accelerate Growth
DUBLIN & LONDON–(BUSINESS WIRE)–CIBC Innovation Banking is pleased to announce $12 million of growth financing for Dublin-based Phorest Salon Software (“Phorest”), a leading provider of online booking and management software for salon owners. Phorest will use the capital to expand its market growth and accelerate the launch of strategic products to deliver on its next-generation platform and machine learning initiatives.
“CIBC Innovation Banking has provided incredible support to our team at Phorest over the years,” said Jonathan Miller, VP of Finance at Phorest. “We’re grateful for their assistance through this growth facility, which will enable our immediate market development plans and accelerated product initiatives.”
Phorest’s software is used by over 155,000 hair, beauty, and clinic professionals across over 8,500 businesses and counting worldwide. It allows salon teams to focus on their passion and business success by reducing administrative burden. Known globally for providing the best-in-class salon marketing tools, Phorest now touches every point of the salon experience, from custom salon applications, online bookings, and stock control through to 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, UK 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.”
Phorest is backed by Susquehanna Growth Equity.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S., Canada, the UK, and select European markets.
About Phorest
Phorest is a software platform that empowers and inspires salon, spa, and clinic owners to grow fantastic businesses while attracting and delighting loyal clients and talented staff.
Contacts
Josh Burleton, josh.burleton@cibc.com, 1-416-304-2712
Jonathan Miller, Jonathan.miller@phorest.com