Scription, a trailblazer in the realm of commercial maintenance, has successfully secured $2.5 million in funding.
The investment, led by the prestigious venture capital firm Markd, marks a significant milestone in addressing a pressing issue 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.
With this significant funding and strategic partnerships in place, Scription is poised to revolutionize the landscape of equipment maintenance, ushering in a new era of efficiency, transparency, and mutual benefit for all stakeholders involved.
Scription, a dynamic force in the commercial maintenance landscape, is dedicated to simplifying the transition from traditional hourly repair rates to subscription or outcome-based maintenance plans. The key challenge faced by the industry lies in the pricing and insurance barriers.
Scription’s innovative program provides service companies with recurring aftermarket revenue and exclusive repair rights, while simultaneously ensuring equipment owners experience consistent costs, peace of mind, and significantly fewer equipment breakdowns.
Justin Villiers, the CEO of Scription, articulated the company’s mission, stating, “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.”
Markd, a venture capital firm exclusively dedicated to funding and partnering with transformative insurtech startups, spearheaded this funding round. Parker Beauchamp, the driving force behind Markd, expressed his admiration for Scription’s innovative approach, stating, “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.”
This infusion of capital not only secures the launch of Scription’s pioneering pricing platform but also facilitates the onboarding of key customer brands. This development offers a timely and much-needed solution to industries transitioning from outdated break-fix contracts to new, innovative servicing models.
Greenlight Re, a prominent player in the industry, has also partnered with and invested in Scription, joining other top-tier funds such as Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT in recognizing the immense potential of Scription’s transformative initiatives.