CIBC Innovation Banking Provides Karbon with Credit Facility to Support its Growth Plans
05 Agosto 2021 - 10:00AM
Business Wire
CIBC Innovation Banking is pleased to announce it has provided a
$5 million credit facility to Nevada-based Karbon Inc. (“Karbon”),
which provides industry-leading practice management software for
accounting firms. The company plans to use the facility to support
its hiring plans and further invest in its diverse product set.
Founded in 2014, Karbon’s innovative cloud-based solution
enables accounting practices to more efficiently manage internal
workflows, client interactions, and communications. It currently
has employees across the USA with extensive experience in the
accounting and software development industries, as well as offices
in New Zealand, the UK, and Sydney, Australia.
The workflow software market has historically been dominated by
desktop legacy solutions, but the recent forced and immediate shift
to ‘work from home’ provided an opportunity for Karbon which saw
its active users double in 2020.
“The industry has been experiencing a gradual shift to
distributed teams for years, but the pandemic significantly
accelerated that trend. Accounting practices with cloud-based
workflow versus legacy desktop solutions immediately realized the
value of having the flexibility to efficiently work-from-anywhere,”
said Stuart McLeod, CEO & Co-Founder of Karbon. “We are pleased
to have the support of the CIBC Innovation Banking team to continue
building out our product set and become the premium cloud-based
workflow solution for accountants.”
The company also recently announced a strategic growth
investment from Five Elms Capital, and will be growing its teams in
the US, Canada, Australia, New Zealand, and the UK to accelerate
development and enhancements of its product set in service of its
mission to change the way accounting firms work.
“Stuart, John, and Ian have built a quality and robust team
dedicated to meeting the needs of accounting firms and their
clients. We are excited to support the company as it continues to
scale globally,” said Holly Dungan, Managing Director in CIBC
Innovation Banking’s Menlo Park office.
In addition to Five Elms Capital, Karbon’s equity investors also
include Blackbird Ventures.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash
management and funding to North American innovation companies at
each stage of their business cycle, from start up to IPO and
beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver,
Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the
team has extensive experience and a strong, collaborative approach
that extends across CIBC’s commercial banking and capital markets
businesses in the U.S. and Canada.
About Karbon
Karbon is the premium practice management platform for the
accounting industry and has become indispensable for firms around
the world to support their team and navigate the sudden shift to
remote work. Karbon brings planning, clients, work, and
communication together in one place, allowing firms that are
working remotely to still be all together online. Founded in 2014,
Karbon has offices in the US, Australia, New Zealand and the UK.
Visit karbonhq.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210805005115/en/
Josh Burleton, josh.burleton@cibc.com
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