Scription – a dynamic player in commercial maintenance – recently announced it closed $2.5 million in funding. This significant funding round 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 makes the shift to subscription or outcome-based maintenance plans simpler 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.
Venture capital firm Markd – which is exclusively focused on funding and partnering with transformative insurtech startups – led the funding round. And 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launch and the onboarding of anchor customer brands, providing a much-needed solution to industries transitioning from outdated break-fix contracts towards new innovative servicing models.
Greenlight Re also partnered with and is an investor in Scription and top funds like Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.
KEY QUOTES:
“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.”
“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.”
— Justin Villiers, CEO of Scription
“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.”
— Markd’s Parker Beauchamp
