Salon software company Phorest secures €11m funding

Dublin-based salon software company Phorest has raised $12 million (€11 million) 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, that allows them to take bookings online, manage appointments, roster staff, control stock and implement marketing campaigns and loyalty programmes. Overall, more than 155,000 professionals across 8,500 businesses use its solutions.

Toronto-based CIBC Innovation Banking, which announced a new 450 million Canadian dollars (€326 million) fund last year, has provided the new financing.

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

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're grateful for their assistance through this growth facility, which will enable our immediate market development plans and accelerated product initiatives."