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CIBC Innovation Banking Provides New $30MM Revolving Credit Facility to Shorelight

May 30, 2024, 07:54 AM
Filed Under: Technology

CIBC Innovation Banking 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 $30 million 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."

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