Symend, a Canada-based debt recovery software producer backed by telecommunications firm Telus, has picked up $43m in a series B-plus round led by venture capital firm Inovia Capital.
Founded in 2016, Symend has developed a software platform that helps businesses to engage with customers who are overdue on their bills.
The product harnesses predictive analytics and artificial intelligence technology to provide insights into customer behaviour and utilises personalised engagement strategies to improve recovery rates. The company said it has now raised over $100m altogether.
Inovia also led Symend’s $52m series B round in May 2020, participating alongside Telus unit Telus Ventures and Women in Technology Fund, an investment vehicle formed by Business Development Bank of Canada’s BDC Capital atm.
Mistral Venture Partners, Ignition Partners, Impression Ventures and Markus Frind also took part in the round. Ignition Partners led a series A round of undisclosed size for Symend in mid-2019, and its earlier backers include Impression Ventures.