CIBC Innovation Banking provided $12 million in growth financing to Dublin-based Phorest Salon Software, a provider of online booking and management software for salon owners. Phorest will use the capital to expand its market growth and accelerate the launch of strategic products to deliver on its next-generation platform and machine learning initiatives.

“CIBC Innovation Banking has provided incredible support to our team at Phorest over the years,” Jonathan Miller, vice president of finance at Phorest, said. “We’re grateful for their assistance through this growth facility, which will enable our immediate market development plans and accelerated product initiatives.”

Phorest’s software is used by more than 155,000 hair, beauty and clinic professionals across more than 8,500 businesses and counting worldwide. It allows salon teams to focus on their passion and business success by reducing administrative burden. Known globally for providing the best-in-class salon marketing tools, Phorest now touches every point of the salon experience, from custom salon applications, online bookings and stock control through to eCommerce and payments.

“We’re proud to be supporting Phorest as they continue to scale their offerings for hair, beauty, and clinic professionals globally,” Sean Duffy, managing director in CIBC Innovation Banking’s London office, said. “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.”