# Coconut Software

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/coconut-software

- Industry: Software
- Headquarters: Saskatoon, Canada
- Website: www.coconutsoftware.com
- Total disclosed funding: $31M
- Latest round: Series B (Oct 5, 2021)
- Investors on record: 9

## About

Coconut Software Corp. is a technology company that provides innovative appointment scheduling, queue management, and video banking solutions tailored for the financial services sector, enhancing customer engagement and operational effectiveness.Founded in 2007, Coconut Software Corp. is headquartered in Saskatoon, Canada, where it focuses on creating solutions for banks and credit unions. The company was established by Katherine, who has a background in technology and entrepreneurship. In October 2021, Coconut Software raised CAD 28 million in a Series B funding round led by Klass Capital, with participation from other investors including Information Venture Partners and ScaleUp Ventures. This funding represents the total amount raised by the company across its funding rounds, which includes a total of 6 deals.Coconut Software specializes in providing innovative solutions designed for the financial services sector, focusing on appointment scheduling, queue management, and video banking. Their core offerings aim to streamline customer interactions between banks and credit unions and their clients, enhancing operational efficiency and personalized service delivery. The platform enables financial institutions to manage customer appointments seamlessly, optimize lobby management, and facilitate remote consultations through video banking, thereby addressing specific use cases such as increasing customer engagement and improving service accessibility. Coconut Software's customer base includes banks and credit unions across North America, serving a diverse range of end-users, including financial advisors and customer service representatives, who benefit from improved workflows and data-driven insights to enhance customer experiences.Coconut Software generates revenue primarily through a subscription-based model that caters to its B2B clientele, which includes financial institutions such as banks and credit unions. The transactional structure is centered around tiered subscription plans that provide clients with access to various features, including appointment scheduling and lobby management tools tailored to their operational needs. Clients typically engage with Coconut Software's services on an annual basis, allowing for ongoing support and updates that enhance functionality and user experience. The company positions its offerings as essential tools for financial institutions aiming to optimize customer engagement and operational workflows, supporting sustained growth in the competitive fintech landscape.Coconut Software plans to utilize the CAD 28 million raised in its most recent Series B funding round to accelerate the growth of its appointment scheduling and lobby management solutions for financial institutions. The company will hire into key roles across the business and invest in demand and revenue generation through marketing, sales, and customer success initiatives. Looking ahead, Coconut Software is expected to expand its market presence and continue innovating its product offerings, although specific new product details and geographic regions targeted for expansion have not been disclosed.

## Funding rounds

- Series B, Oct 5, 2021, $22M — Bay Partners, Klass Capital, Information Venture Partners, Scale Up Ventures, PIC Investment Group, Conexus Venture Capital
- Series A, Nov 26, 2019, $4.9M — Bay Partners, Public Investment Corporation, Information Venture Partners, Scale Up Ventures, StandUp Ventures, Conexus Venture Capital, SaskWorks Venture Fund
- Series A, Nov 7, 2017, $3.3M — Bay Partners, Public Investment Corporation, Information Venture Partners, Scale Up Ventures, StandUp Ventures

## Investors

- Bay Partners (https://capitalatlas.ai/funds/bay-partners) — Series A, Series B
- Public Investment Corporation (https://capitalatlas.ai/funds/public-investment-corporation) — Series A
- Information Venture Partners (https://capitalatlas.ai/funds/information-venture-partners) — Series A, Series B
- Scale Up Ventures (https://capitalatlas.ai/funds/scale-up-ventures) — Series A, Series B
- StandUp Ventures (https://capitalatlas.ai/funds/standup-ventures) — Series A
- Conexus Venture Capital (https://capitalatlas.ai/funds/conexus-venture-capital) — Series A, Series B
- SaskWorks Venture Fund — Series A
- Klass Capital (https://capitalatlas.ai/funds/klass-capital) — Series B
- PIC Investment Group — Series B