If you want to see an explosion in action, check out Symend.
The Calgary-based software startup was founded in 2016, but it wasn’t until last year that it detonated. From just 50 employees in 2020 to nearly 300 today, Symend is blowing up.
Adding to the heat is $55 million. That’s the amount of capital Symend raised earlier this year. The sizeable round was led by Inovia Capital. It was a Series B round that builds on a previous round of $73 million which the Canadian company raised last year.
Again, blowing up.
So what the heck does Symend do? The company provides a digital engagement platform that helps institutions collect debts—though not in the way one might first imagine. It’s not collections; it’s to avoid collections entirely.
“Their approach is differentiated and effective because it combines behavioral science and data science to drive a personalized approach for each customer,” explains Dennis Kavelman, Partner at Inovia. “We are big believers in Symend’s mission to add lasting value to enterprises by helping their customers avoid collections.”
Symend’s platform is built to serve complex enterprises in telecommunications, financial services, utilities and media across North America. The Canadian startup already serves two-thirds of the major telecommunications providers in North America and as well as multinational bank. The company says it is gaining traction and adding more and bigger clients this year.
Hanif Joshaghani, cofounder and CEO of Symend, says COVID-19 battle-tested his company. He now knows with certainty that the startup’s solutions are both in-demand and effective.
“Given the challenges that service providers have faced during the pandemic, we are seeing a massive uptick in enterprises that are committed to investing in solutions that will ensure they are better prepared for the future, better the lives of their customers, and drive better business results for their core operations during both good and challenging times,” noted Joshaghani.
Symend’s story is hardly over, of course. On the contrary, it is only just beginning.
With offices already in Canada, the US, and Australia, the ambitious company still has plans for expansion. To support the restructuring of product and technology within the company, Symend attracted senior executives from salient hubs including the San Francisco Bay Area and Chicago—among them Corey Scobie, exiting from Chef Software’s sale to Progress Software, who will serve as Symend’s chief technology officer moving forward.
The expansion plan of Symend also includes hiring at the upcoming Tech Talent virtual job fair. The company says it is looking to hire up to 200 more employees by the end of the year. The job fair, happening June 23rd, is a unique recruiting event that connects fast growing companies such as Symend with top tech talent in Canada.