CIBC Innovation Banking has provided $1.7 million in financing to 7shifts, a Saskatoon-based provider of restaurant employee scheduling solutions.
The proceeds will be used to support the company’s growth.
Founded in 2014, 7shifts helps restaurant operators and employees with tasks like scheduling, team communication and labour cost control. Its software is used by more than 250,000 professionals in over 10,000 locations worldwide.
Earlier this month, 7shifts closed a $13.4 million Series A round led by Napier Park Financial Partners and joined by Teamworthy Ventures, Relay Ventures and Peter Harrison.
7shifts secures $1.7 million in growth financing from CIBC Innovation Banking
CIBC Innovation Banking is pleased to announce it recently closed a $1.7 million growth capital financing with Saskatoon-based 7shifts, a leading scheduling and labour management platform for restaurants.
The 7shifts platform provides restaurant operators and employees with powerful, easy-to-use software that creates simplicity and transparency in daily tasks like scheduling, team communication and labour cost control.
A restaurant using 7shifts typically reduces time spent on scheduling by 80 per cent, reduces labour costs by three per cent and cuts down on team calls and texts by 70 per cent. These efficiencies translate into savings of thousands of dollars every week for restaurant operators.
“7shifts is a software company that takes an antiquated process like employee scheduling and makes it more simple, intuitive and efficient. The 7shifts mobile apps for employees and managers allow them to access their schedule and communicate from anywhere. We are incredibly excited to work with the 7shifts team and look forward to helping support their continued growth,” said Joe Timlin, Managing Director of CIBC Innovation Banking in Vancouver.
“As we continue to scale our business globally and debut new products to support our mission of increasing the happiness and efficiency of the restaurant workforce, it’s important to have the support of partners that believe in our vision,” added Jordan Boesch, CEO at 7shifts. “We are excited to receive the backing of CIBC Innovation Banking to help us reach and exceed our ambitious goals.”
Used by over 250,000 restaurant professionals in over 10,000 locations around the world, 7shifts works with growing multi-unit restaurant brands such as Bareburger, Honeygrow, Smoke’s Poutinerie, YogurtLand, and Juice It Up!.
7shifts will use the capital to support its continued growth plans and enhance its leadership position in scheduling automation and machine-learning technology for restaurants. The company’s venture capital investors include Napier Park Financial Partners, Teamworthy Ventures and Relay Ventures.
About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Toronto, Reston, and Vancouver, CIBC Innovation Banking is a full-service business that delivers strategic advice and funding to North American technology and innovation clients at each stage of their business cycle, from start up to IPO and beyond. CIBC Innovation Banking brings extensive experience and a strong, collaborative team that extends across commercial banking and capital markets in Canada and the U.S.
Founded in Saskatoon, Canada, in 2014, with offices in Toronto, 7shifts is the restaurant employee scheduling solution used by over 250,000 restaurant pros across North America, Europe, the Middle East and Australia. 7shifts is used by growing multi-unit restaurant groups including Bareburger, Honeygrow, Smoke’s Poutinerie, YogurtLand, Juice It Up! and many others. More than a scheduling platform, 7shifts empowers restaurant managers to optimize their workforce to better manage employees, resulting in reduced labour costs. To learn more, or to sign up for free, visit www.7shifts.com, or find us on Twitter, Facebook, LinkedIn, Instagram the App Store or Google Play.