CIBC Innovation Banking announced today that it has provided extended financing to Boston-based Shorelight, an enrollment and performance management platform that drives international student success at top universities. Shorelight will use the extended financing to continue enhancing its product and service offering to international students and university partners.
Shorelight, supported by its proprietary technology, provides international students access to top educational institutions in the US and abroad, and supports them through the entire student journey. From selecting a university, to arriving on campus or engaging online from their home country, to progressing through to graduation and ultimately beginning their careers, Shorelight’s student enrollment, outcomes and performance management platform enables student success at scale.
"We are thrilled to enhance our relationship with CIBC Innovation Banking through the successful closing of our new $30M revolving credit facility,” said Adam Packer, Chief Financial Officer, Shorelight. “The new facility is a testament to the company’s financial health and gives Shorelight the appropriate tools to accelerate our profitable growth."
"CIBC is excited to continue supporting Shorelight as it further scales its impact with universities in driving successful education outcomes through innovation,” said Andy Schwartz, Managing Director in CIBC Innovation Banking’s Chicago office. “The Shorelight team has demonstrated a thoughtful strategy and execution in meeting the ever-evolving needs of students and universities."
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 Shorelight
Shorelight is reinventing the international education experience for both students and universities. In partnership with leading U.S. institutions, we build innovative degree programs—whether on campus or cloud-based, in the U.S. or students’ home countries—that help students thrive and create a new generation of successful, globally minded alumni.
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Contacts
Beth McKay, beth.mckay@cibc.com, 416-552-1391
