Saskatoon’s Coconut Software announced today that the company has raised $28 million CAD in its latest round of funding. The round, led by Klass Capital, also had participation from Venture Partners, ScaleUp Ventures, Conexus Venture Capital Fund and Bay Partners.
“We started Coconut Software with a clear mission to enable people to connect effortlessly with their financial institutions (“FIs”), when and how they want to. The value this brings to a bank or credit union’s customers and members has never been more clear, and we’re seeing a real race to adopt digital experiences,” said Katherine Regnier, Coconut Software, CEO. “Our partnership with Klass will allow our team to accelerate important new product introductions to continue this mission. We also plan to hire into key roles across the business, and invest in demand and revenue generation through marketing, sales and customer success—as we work to help FIs transform their customer experience.”
This news comes after Coconut Software made The Globe and Mail’s Canada’s Top Growing Companies list. The company’s software is used by banks and credit unions for appointment scheduling.
“Coconut is well positioned to continue its rapid growth as FIs look to modernize their omni-channel experience and better connect with customers both in-branch and virtually. We’re extremely excited about Coconut’s platform vision and impressed with the level of importance they place on the happiness of both their employees and customers. We look forward to partnering with Katherine and the entire Coconut team in its next phase of growth,” said Daniel Klass, Managing Partner and Founder at Klass Capital.
Founded in 2011, Coconut Software is headquartered in Saskatoon with offices in Toronto, Ont.