Scription, an “Alberta-based InsurTech company”, has successfully wrapped up its recent funding round, pulling in a substantial $2.5m.
The newly secured funds come primarily from venture capital firm Markd, known for their keen interest in budding InsurTech start-ups. Scription’s investor base includes Greenlight Re, Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.
Delving into what Scription brings to the table, it addresses the predominant issue of equipment often being repaired at hourly rates. This current model frequently results in maintenance companies gaining financially from equipment downtimes. Scription’s innovative approach offers a shift to subscription-based maintenance, handling primary barriers such as pricing and insurance. Their newly unveiled programme guarantees consistent servicing costs for equipment owners, simultaneously reducing the number of equipment breakdowns. This ensures service companies enjoy continued aftermarket revenue and exclusive rights to repairs.
With this capital infusion, Scription aims to fast-track the release of its pricing platform and kick off the integration of prominent customer brands. This strategic move is seen as a much-needed remedy for industries keen on moving away from traditional repair contracts to more avant-garde service models.
Scription CEO Justin Villiers expressed his optimism, saying, “The vision of our programmes is to align incentives and have everyone benefit from equipment uptime. We’ve assembled a team uniquely positioned to tackle this challenge by combining a balance of experience in field service, finance, insurance, and technology.”
Mark Beauchamp of Markd, reflecting on the investment, noted, “I’m so impressed by Justin, his team, and what they’ve created. Working with them over the past year has been a pleasure. I look forward to helping them continue to thrive.”
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