CIBC Innovation Banking provided funding to Skedda, a global space management and scheduling software with headquarters in Boston, Massachusetts, that caters to workers in today’s hybrid work environments.
The deal’s total value was not made public.
This investment will spur product innovation and quicken the business’s international growth.
Skedda is a global platform for scheduling and space management that offers sophisticated utilization metrics, interactive floorplans, visitor management, space booking, and connections with Google Workspace and Microsoft 365.
The company serves about two million users and over 7,000 customers in a variety of verticals, such as workplaces and institutions. Harvard University, Mercedes-Benz, and Siemens are among the list of clients.
About CIBC Innovation Banking
Wellington Financial was a privately held company that was founded in 2000 and provided expansion funding to technology and life science companies in both the US and Canada. The fund managed a $900 million investment program and became a pioneer in its industry with five institutionally supported vehicles. With its headquarters located in Toronto, Canada, and coverage areas including Menlo Park, Santa Monica, and New York City, the fund has financed more than one hundred growth companies in North America and the UK. UK-based Preqin has recognized the fund as one of the “Most Consistent Top Performing Debt Fund Managers” globally on multiple occasions.
With the goal of being the top bank lender to investors and entrepreneurs in the innovation economy, CIBC purchased Wellington Financial in 2018 and established CIBC Innovation Banking. With a market valuation of more than $50 billion, CIBC is a financial organization based in North America that offers financial services and products to 13 million individual, corporate, institutional, and public sector clients in the US, Canada, and other countries.
Because of CIBC’s strength, hundreds of investors and entrepreneurs have come to trust the CIBC Innovation Banking team as their preferred bank partner because they can count on them to provide them with specialized banking services and financing options that cater to their demands for growth at every stage of a company’s life cycle.