Calgary’s Symend has added $55 million (USD $43 million) to $73 million Series B financing round it raised in May 2020.
Symend is a digital engagement platform that uses behavioral science and data-driven insights to empower customers to resolve past due bills.
This Series B+ round was led Inovia Capital with participation from a consortium of investors, bringing Symend’s total funding to date to over USD $100 million.
Symend has rapidly accelerated recruitment, growing from 50 people to over 225 in 2020 and expects to double in size in 2021.
The rapid growth of the team is led by Calgary success story Benevity’s former Chief People Officer, Vivian Farris, who joined Symend in September 2020.
“We are big believers in Symend’s mission to add lasting value to enterprises, by helping their customers avoid collections,” said Dennis Kavelman, Partner at Inovia Capital.
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“Their approach is differentiated and effective because it combines behavioral science and data science to drive a personalized approach for each customer. With this new investment, Symend is well funded to execute its strategy of scaling globally, and to partner with large enterprises in many industries.”
Symend’s platform is purpose built to serve complex enterprises in telecommunications, financial services, utilities and media across North America and is on track to significantly expand its client roster globally in 2021.
Symend currently serves two-thirds of the major telecommunications providers in North America and is successfully serving a multinational bank, quickly gaining traction with other major players in financial services.
“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,” said Hanif Joshaghani, CEO at Symend.
To support the expansion and restructuring of product and technology within the company, Symend attracted several senior executives from major hubs including the San Francisco Bay Area, Seattle and Chicago.
Corey Scobie was appointed Symend’s Chief Technology Officer following Progress Software’s US$220 million acquisition of Chef Software. PehKeong Teh, previously SVP, Marketing Cloud at Salesforce, was appointed Chief Product Officer. Matt LaHood, previously VP and Head of Custom Analytics for the Americas at FICO, was appointed SVP of Science and Analytics Services, leading behavioral science, data science and analytics.
Photo by Denisse Leon on Unsplash