Appointment scheduling and lobby management solution provider Coconut Software announced it has raised $28 Million CAD ($22.25 Million USD) in Series B funding. The round was led by Klass Capital, a Toronto-based, long term-oriented growth equity firm that invests in high growth enterprise software businesses. All of Coconut’s existing investors, including Information Venture Partners, ScaleUp Ventures, Conexus Venture Capital Fund and Bay Partners also participated in the round.
“We started Coconut Software with a clear mission to enable people to connect effortlessly with their financial institutions, 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, CEO of Coconut Software.
Regnier added, “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 funding will help fuel Coconut Software’s growth goals by:
- Bringing new solutions to market, such as Coconut Connect. Launching Q4 2021, Coconut Connect is a video conferencing solution built to help financial institutions deliver faster, more effective virtual appointments.
- Ramping up hiring across all departments, with a focus on R&D
- Continuing to evolve Coconut’s existing appointment scheduling, lobby management and contact center solutions for financial institutions
The TASBIA™ Bottom Line
This investment will help Coconut Software grow with their existing 100 financial institution customers, as well as expand further into the Canadian and US markets.
Coconut Software is one of several appointment scheduling solution vendors, including Engageware and JRNI, that have focused on the financial services market. Growth in appointment scheduling for banks and credit unions has significantly accelerated in the last 18 months since the COVID-19 pandemic has created a “must have” requirement for banks with branch locations to offer appointments, both for physical meetings and virtually.
Klass Capital, a Toronto-based investment firm, provides expansion-stage capital for software businesses with high growth potential. Their investment in Coconut Software–another Canadian company–is seen as a reaffirmation of Coconut’s platform vision and culture, which focuses on the happiness of both employees and customers.
For more information see the Press Release from Coconut Software