Coconut Software rakes in $22m from Klass Capital-led Series B

Canadian firm Coconut Software has secured $22m from a Series B funding round.

The round was led by Klass Capital and also saw participation from Information Venture Partners, Conexus Venture Capital, Bay Partners and ScaleUp Ventures.

Founded in 2007, Coconut provides enterprise appointment scheduling and lobby management solutions for financial institutions which it claims cuts no-shows and wait times for customer appointments.

The company claims its solutions are used by institutions including RBC Royal Bank, Rogue Credit Union, Arvest Bank and Vancity and has seen its year-on-year revenue growth of more than 100% over the last three years.

According to Coconut CEO Katherine Reginer, there is a ‘real race to adopt digital experiences’ for financial institutions.

Coconut intends to use the newly raised capital to accelerate product development, hire key roles across the business and invest in marketing and sales to help financial institutions transform their customer experience.

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