AAA Symend attends to $52m round

Symend attends to $52m round

Canada-based debt recovery software developer Symend completed a $52m round on Thursday featuring Telus Ventures, the corporate venture capital arm of telecommunications firm Telus.

The round was led by venture capital firm Inovia Capital and also included Women in Technology Fund, a vehicle established by BDC Capital, the investment arm of the government-backed Business Development Bank of Canada.

Venture capital fund Mistral Venture Partners, VC firms Ignition Partners and Impression Ventures and angel investor Markus Frind rounded off the deal.

Founded in 2016, Symend has built a software platform that helps enterprises engage with indebted customers whose financial situation may have deteriorated.

The software estimates each debtor’s predicament utilising machine learning and behavioural science before suggesting remedies that could enable them to pay their balance in full.

The capital will be injected into product development and talent recruitment in the US and Canada in line with Symend’s plans to expand into new verticals and geographies.

The proceeds brought Symend’s overall funding to $60m, chief executive and co-founder Hanif Joshaghani told BetaKit, including an undisclosed series A sum led by Ignition Partners in May 2019.

Impression Ventures had led the company’s seed round at an undisclosed date, after an earlier angel round that included investment from Joshaghani.

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