Salon software company Phorest secures €11m funding
Dublin-based salon software company Phorest has raised $12m (€11m) in growth funding to accelerate the introduction of new products.
The company, founded by Ronan Perceval in 2003, employs more than 200 people.
It has developed office management software for hair and beauty salons, spas and clinics, which allows them to take online reservations, manage appointments, manage staff, control inventory and to implement marketing campaigns and loyalty programs. In total, more than 155,000 professionals in 8,500 companies use its solutions.
Toronto-based CIBC Innovation Banking, which announced a new C$450 million (€326 million) fund last year, provided the new funding.
“We are proud to support Phorest as they continue to expand their offerings for hair, beauty and clinical professionals globally,” said Sean Duffy, Managing Director of CIBC’s London office. Innovation Banking. “Phorest and his team have provided solutions to thousands of companies in the industry, and we look forward to seeing how they grow through the development of strategic new products.”
Phorest previously raised €20 million from US investment firm Susquehanna Growth Equity in 2018, having also secured €700,000 from angel investors associated with HBAN.
“CIBC Innovation Banking has provided incredible support to our team at Phorest over the years,” said Jonathan Miller, vice president of finance at Phorest. “We are grateful for their assistance through this growth facility, which will enable our immediate market development plans and accelerated product initiatives.”