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CIBC Initiates $12 Millionto Help Phorest Salon Software in Accelerating Business Growth

CIBC | March 10, 2022

CIBC_Initiates_$
CIBC Innovation Banking is excited to announce that it will finance Dublin-based Phorest Salon Software (“Phorest with $12 million) to accelerate business growth. Phorest Salon Software is a leading online booking and management software provider for salon owners. Phorest will expand its market position and accelerate its strategic products with the help of capital.

CIBC Innovation Banking has provided incredible support to our team at Phorest over the years. We’re thankful for their assistance through this growth structure, which will empower our immediate market development plans and accelerated product initiatives.”

Jonathan Miller, VP of Finance at Phorest.

Phorest’s software is being used by over 155,000 clinical, hair, and beauty professionals across 8,500 businesses, and the counting is still increasing after the initiative by CIBC. The software enables salon teams to focus on their passion as well as business growth by lowering the administrative burden. Phorest is actively in the path of enabling best-in-class salon marketing tools and wants to enhance every section of the salon for customers to gain optimum experience in the future. From online bookings salon applications to stock controls through payments and eCommerce will be the real goal for Phorest through its latest innovative software.

We’re proud to be supporting Phorest as they continue to scale their offerings for hair, beauty, and clinic professionals. 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.”

Sean Duffy, Managing Director in CIBC Innovation Banking’s London, UK office.

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