CIBC Innovation Banking Provides $10 Million Growth Capital Financing to Clariti
June 26 2024 - 9:30AM
Business Wire
CIBC Innovation Banking today announced $10 million in growth
capital financing for Clariti, a leading provider of purpose-built
community development solutions for North American local
governments. This funding will accelerate the development of new
product features, support the ongoing integration of permitting
technology provider Camino, which was acquired by Clariti in 2023,
and be reinvested in customer service teams to support the
company’s rapidly growing customer base across North America.
Clariti’s platform helps governments of all sizes simplify the
permitting process, from pre-application to review and approval.
Clariti customers report greater staff and resident satisfaction,
and a significant reduction in calls, counter visits, and permit
issuance time. Clariti is trusted by many local governments across
Canada and the United States. The cities of Albany, NY, and
Honolulu, HI, recently announced selecting Clariti to simplify and
modernize their planning and permitting processes, and the City of
Tampa, FL launched Clariti's Camino Guide to help customers quickly
identify the permits they need and the steps to submit their
applications correctly.
Clariti also recently received an investment of $18 million by
Vistara Growth that in combination with CIBC Innovation Banking
will accelerate growth across the company.
“With the CIBC Innovation Banking facility in place we can
confidently accelerate plans to scale our customer-facing teams
during a time of continued leading growth,” said Cyrus Symoom,
Co-CEO, Clariti. “Additionally, Vistara Growth’s investment
underscores confidence in our innovative solutions driving digital
transformation across government operations, simplifying processes,
and enhancing citizen services.”
“We’ve been impressed with Cyrus and his team since they first
acquired Clariti and could not be happier to be joining them on
this journey,” said Joe Timlin, Managing Director, CIBC Innovation
Banking. “They are well positioned to continue to grow in this
space and provide quality community development solutions for their
customers.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash
management and funding to innovation companies across North
America, the UK, and select European countries at each stage of
their business cycle, from start up to IPO and beyond. With offices
in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo
Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver,
the team has extensive experience and a strong, collaborative
approach that extends across CIBC’s commercial banking, private
banking, wealth management and capital markets businesses.
About Clariti Software
Clariti’s community development software helps some of the
largest cities in North America deliver exceptional permitting
experiences for customers and staff. Our software offers unmatched
scalability for governments to shape their system to work how they
need, and today helps one in three citizens in North America easily
access community development services online. In 2024, Clariti was
named to the GovTech 100 List for the third consecutive year. To
learn more about Clariti and its solutions, visit
https://www.claritisoftware.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626748381/en/
Beth McKay, beth.mckay@cibc.com, 416-552-1391
Jeremy Bosch, jeremy.bosch@claritisoftware.com, 250-571-0729
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