TORONTO, Oct. 10, 2023 — Scription, a dynamic player in the field of commercial maintenance, has announced the closing of $2.5 million in funding. This significant investment marks a pivotal moment in addressing a critical challenge within the industry: the prevalence of equipment breakdowns repaired at hourly labor rates, creating disincentives for efficient repairs as maintenance companies often benefit financially from equipment failures.
Scription simplifies the shift to subscription or outcome-based maintenance plans by tackling the key barrier risks: pricing and insurance. Their new program provides service companies with recurring aftermarket revenue and repairs exclusivity while the equipment owners get consistent costs, peace of mind, and experience far fewer equipment breakdowns.
Justin Villiers, CEO of Scription, said, “The vision of our programs 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.”
Venture capital firm, Markd, exclusively focused on funding and partnering with transformative insurtech startups, led the funding round.
“Parker Beauchamp understood our vision from our first call. His fund and team have provided value beyond the capital, whose relationships allowed us to both establish ourselves in this industry and prepare for exponential growth.”
This funding round secures Scription’s pricing platform launch and the onboarding of anchor customer brands, providing a much-needed solution to industries transitioning from outdated break-fix contracts towards new innovative servicing models.
Markd’s Beauchamp added, “I’m so impressed by Justin, his team, and what they’ve created. They are extremely hard-working, kind, thorough, and have a great temperament, which no doubt helped them develop such a clever way to manage, protect, and serve enormous needs in an equally large market that creates wins for all involved.”
“Working with them the past year has been a pleasure. I look forward to helping them continue to thrive.”
Greenlight Re has also partnered with and is an investor in Scription, along with top funds such as Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.
About Scription
Scription is an Alberta-based Insurtech company that leverages disruptive technology and domain expertise to help companies launch new aftermarket service programs. Their platform uses historical maintenance data to intelligently price and offer insurance for maintenance contracts unique to individual pieces of equipment.
About Markd
Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry’s legacy while helping design its future. Markd’s mission is to power substantial work and continually inspire more ideas to prevent hurt and loss.
SOURCE Scription
