Coconut Software, otherwise known as Coconut Calendar, has raised a $4.2 million Series A.
The Saskatoon-based enterprise software company announced the funding round led by Information Venture Partners, joined by ScaleUp Ventures and StandUp Ventures. All three venture firms are located in Toronto.
This funding round follows a seed round of $700,000 given to Coconut less than a year ago from PIC Investment Group and Bay Partners, both of which also joined this new Series A round. The new funding influx will be used to expand Coconut’s operations in both Saskatoon and Toronto.
In addition to the funding, David Unsworth, Kevin Kimsa and Neal Dempsey will join Coconut’s board of investors. Unsworth is the co-founder of Information Venture Partners while Kimsa and Dempsey work with ScaleUp Ventures and Bay Partners respectively.
Coconut offers an enterprise appointment scheduling platform for large companies that manage millions of appointments at a time. Customers can choose an appointment time online without waiting on the phone for a rep to pick up. Coconut’s largest partners include Telus, one of the biggest telecom companies in Canada. The enterprise service allows for branded online service that improves customer satisfaction as well as employee workflows.
“Coconut is taking old ways of scheduling appointments, such as emails, forms, and voicemails, and making them a real-time experience that is quick and easy for both companies and their customers,” said Katherine Regnier, CEO of Coconut. “This investment will bolster our platform, and we are thrilled with the level of expertise and sophistication each investor brings to the table.”
Regnier is an integral member of Saskatchewan’s technology scene, serving as a board member on the province’s first-ever technology incubator, Co.Labs. She has also been invited to participate in 48Hrs in the Valley this December.
“Coconut is changing the way large institutions engage with customers and deliver service-first experiences,” said Unsworth. “Customer satisfaction is top of mind with many of these institutions and Coconut is providing an innovative solution that we are proud to support as their impressive growth continues.”
Coconut was founded in 2011 and works with other large companies such as Jackson Hewitt, London Drugs and Rogers.