Symend Funding, Investors & Competitors

Symend has raised $150M across 6 funding rounds, most recently a $42M undisclosed-stage round in November 2022.

Last Symend funding round

$42M

Undisclosed stage · Nov 2022

Cumulative funding Symend raised

$150M

across 6 funding rounds

Key investors in Symend

  • Inovia Capital
  • Impression Ventures
  • BDC Capital
  • Ignition Partners
  • Mistral Venture Partners
  • Markus Frind
  • Business Development Bank of Canada
  • Export Development Canada

Symend Overview

About Symend

Symend is a Calgary-headquartered company offering an AI-driven digital collections platform that applies behavioral science to enhance recovery rates for businesses in financial services, telecommunications, and utilities. Launched in 2016, the platform delivers personalized customer communications via SMS, email, interactive voice response, and mobile app to accelerate debt resolution. Symend serves major clients across North America, Europe, and Australia, including top banks and telecom providers, while maintaining offices in the United States, United Kingdom, and New Zealand.


Founded

2016

HQ

CanadaCalgary

Website

symend.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Symend Funding History

Symend has raised a total of $150M across 6 funding rounds.

Symend's first fundraising round was a $1M seed round in December 2016. The most recent completed round was a $42M undisclosed-stage round in November 2022.

Symend funding rounds

Symend funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2022Undisclosed stageInovia Capital (lead); Angels of Many; Export Development Canada; Plaza Ventures; BDC Capital; Aventrock Ventures; Impression Ventures; Mistral Venture Partners$42MSymend, a Calgary-based leader in Behavioral Engagement Technology, raised over US$40 million (reported as $42M in some sources) in a Series C funding round on November 17, 2022, led by Inovia Capital with participation from BDC Capital, Export Development Canada, Impression Ventures, Mistral Venture Partners, and Plaza Ventures. The capital is intended to accelerate growth, global market expansion, and support doubling the number of customers served for the third consecutive year, reaching over 40 million consumers on behalf of North America's largest financial institutions, telecommunications providers, and utilities. Symend's platform leverages behavioral science, data science, and advanced analytics to deliver hyper-personalized digital engagement experiences that reduce delinquencies, retain revenue, lower operating expenses, and improve customer loyalty amid rising economic uncertainty and digital fatigue. Founded in 2016 by CEO Hanif Joshaghani and CMO Tiffany Kaminsky, Symend operates globally across Canada, the United States, and Latin America, positioning itself as a changemaker in digital customer engagement and FinTech. The company had previously ranked #7 on a growth list with 4,366% revenue growth between 2018 and 2021. Enterprises adopt Symend's empathetic solution to address consumer needs for personalized communications, as half of North American consumers reportedly ignore irrelevant emails according to Symend's 2022 Consumer Report. Later developments include a $54 million round mentioned in 2023 restructuring context and team reductions.
Feb 2021Series BInovia Capital (lead); BDC Capital; TELUS Global Ventures$43MSymend is a Calgary-based behavioral engagement technology company founded in 2016 that uses behavioral science, predictive analytics, and AI to help enterprises in telecommunications, financial services, utilities, and media engage customers facing past-due bills, improving recovery rates and avoiding collections through personalized strategies. The company secured a US$43 million Series B+ extension announced on February 9, 2021, led by Inovia Capital, with participation from existing investors including BDC Capital's Women in Technology Fund, TELUS Ventures (part of TELUS Global Ventures), Ignition Partners, Impression Ventures, and Mistral Venture Partners, bringing total funding to over US$100 million following the prior US$52 million Series B in May 2020. This all-equity round aimed to fuel global expansion, including opening an office in Australia for APAC, plans for LATAM and EMEA, and product enhancements for customer retention and acquisition beyond collections. Symend reported helping over 10 million at-risk customers and had grown to nearly 300 employees, focusing on scaling go-to-market efforts after heavy R&D investment. Inovia partner Dennis Kavelman highlighted Symend's differentiated approach and product-market fit, positioning it for partnerships with large enterprises worldwide. The platform serves complex North American enterprises and targets international growth amid economic uncertainty, with investors expressing confidence in its execution on milestones.
May 2020Series BInovia Capital (lead); Markus Frind; Ignition Partners; Business Development Bank of Canada; Impression Ventures; Mistral Venture Partners$52MSymend is a Canadian fintech platform founded in 2016 that helps financial institutions, utilities, telecommunications companies, and other enterprises identify and engage customers struggling with bill payments. The company uses behavioral science and artificial intelligence to develop personalized engagement strategies that aim to increase collection rates while treating customers with empathy. In May 2020, Symend announced the successful close of a $52 million Series B funding round led by Inovia Capital, with participation from Business Development Bank of Canada, Impression Ventures, Mistral Venture Partners, Ignition Partners, and Markus Frind. The round was notably closed during the COVID-19 pandemic when venture capital investment had declined over 20% in the preceding quarter, demonstrating investor confidence in the company's mission and market opportunity. At the time of the announcement, Symend reported having treated over 10 million at-risk customers and was on track to treat 100 million by the end of 2020. The company planned to deploy the funding toward platform development, expansion into new vertical markets and geographies, and building out its team in Canada and the United States.
May 2019Series AIgnition Partners (lead)$10MSymend raised a $10.4 million Series A round on May 17, 2019, led by Ignition Partners. The Calgary-based company develops a customer engagement platform using AI and behavioral science to identify and support financially at-risk customers for clients in telecoms, financial institutions, and utilities. Prior to this round, Symend had raised a seed round led by Impression Ventures and an angel round including a personal investment from CEO Hanif Joshaghani.
Nov 2017SeedImpression Ventures (lead); Markus Frind; Inovia Capital$2M-
Dec 2016SeedThin Air Labs$1M-

Who has invested in Symend?

13 investors have backed Symend across its funding rounds, including Inovia Capital, Impression Ventures, BDC Capital, Ignition Partners, Mistral Venture Partners and Markus Frind.

Lead investors include Inovia Capital, Ignition Partners and Impression Ventures.


Symend Investors

Investors in Symend by funding rounds participated
InvestorHQRoundsRoleFirst check
Inovia CapitalCanadaMontreal4LeadNov 2017
Impression VenturesCanadaToronto3LeadNov 2017
Markus FrindCanadaVancouver2ParticipantNov 2017
Ignition PartnersUnited StatesSan Francisco, CA2LeadMay 2019
BDC CapitalCanadaMontreal2ParticipantFeb 2021
Mistral Venture PartnersCanadaOttawa2ParticipantMay 2020
Angels of ManyCanadaMontreal1ParticipantNov 2022
Export Development CanadaCanadaOttawa1ParticipantNov 2022
Thin Air LabsCanadaCalgary1ParticipantDec 2016
Plaza VenturesCanadaToronto1ParticipantNov 2022
Aventrock VenturesCanadaCalgary1ParticipantNov 2022

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Symend Competitors

Symend competitors include listed companies like ServiceNow, Datadog, RELX and Strategy, and private ones like JD Digits and ClickHouse.

Public and private companies comparable to Symend
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ServiceNowUnited StatesUnited StatesPublicly listed$13B$2.6B$143B9.6x
DatadogUnited StatesUnited StatesPublicly listed$3.4B($588K)$85B19.4x
RELXUnited KingdomUnited KingdomPublicly listed$13B$4.9B$59B5.3x
StrategyUnited StatesUnited StatesPublicly listed$477M($5.4B)$53B144.4x
JD DigitsChinaBeijingPrivate--$18B-
ClickHouseUnited StatesSan Francisco, CAPrivate$160M-$15B93.8x

Symend Public Comps

Symend is still privately-owned, but its public comps include Palantir, ServiceNow, Datadog, Bajaj Finance, RELX, Strategy, Verisk Analytics, Fair Isaac, Wolters Kluwer and Dynatrace.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
ServiceNow$13B$2.6B11.1x9.6x57.2x25.0x
Datadog$3.4B($588K)23.6x19.4x(137813.0x)77.6x
Bajaj Finance$5.2B$2.7B19.8x16.6x37.3x29.7x
RELX$13B$4.9B5.5x5.3x14.4x13.2x
Strategy$477M($5.4B)149.4x144.4x(13.1x)(12.3x)
Verisk Analytics$3.1B$1.7B8.8x8.5x16.2x15.1x
Fair Isaac$2B$951M13.2x10.4x27.6x17.1x

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Common questions about Symend

When was Symend founded?Symend was founded in 2016.
Where is Symend headquartered?Symend is headquartered in Calgary, Canada.
Is Symend publicly listed?No, Symend is a private, VC-backed company.
How much funding has Symend raised?Symend has raised $150M across 6 funding rounds.
What was Symend's last funding round?Symend's last funding round was a $42M undisclosed-stage round in November 2022, led by Inovia Capital.
Who are Symend's investors?Symend's investors include Inovia Capital, Impression Ventures, Markus Frind, Ignition Partners, BDC Capital, Mistral Venture Partners, Angels of Many, Export Development Canada, Thin Air Labs, Plaza Ventures and 3 others.
Which companies are comparable to Symend?Companies comparable to Symend include ServiceNow, Datadog, RELX, Strategy, JD Digits and ClickHouse.

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