Alberta-Based Insurtech Startup, Scription, Secures US$2.5 Million in Funding Round
Alberta-Based Insurtech Startup, Scription, Secures US$2.5 Million in Funding Round
Scription, an emerging Insurtech company based in Alberta, has successfully concluded its recent funding round, securing an impressive US$2.5 million in capital.

The primary contributor to this funding infusion is the venture capital firm Markd, renowned for its active interest in supporting promising InsurTech start-ups. Scription’s investor lineup extends to include notable names such as Greenlight Re, Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.

Scription distinguishes itself by tackling a pervasive issue in the industry—equipment repairs billed at hourly rates. This conventional model often results in maintenance companies benefiting financially from equipment downtimes. Scription’s innovative solution introduces a shift to a subscription-based maintenance model, effectively addressing challenges related to pricing and insurance. The recently unveiled program guarantees consistent servicing costs for equipment owners, concurrently minimizing equipment breakdowns. This ensures continued aftermarket revenue for service companies and grants them exclusive rights to repairs.

Empowered by this substantial capital injection, Scription aims to expedite the launch of its pricing platform and commence the integration of prominent customer brands. Industry experts view this strategic move as a much-needed remedy for sectors eager to transition from traditional repair contracts to more cutting-edge service models.

Scription’s success in securing this funding underscores the growing interest and support for disruptive solutions within the InsurTech space, positioning the company as a frontrunner in reshaping industry norms.

Speaking about the capital raise, Scription CEO Justin Villiers said, “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, 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.”

Author: Joanna England

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