Second Century Ventures Investor in Symform
Joining $11 million Series B round of funding from 2012
This is a Press Release edited by StorageNewsletter.com on January 17, 2013 at 2:57 pmSymform, Inc. welcomed Second Century Ventures LLC (SCV), the venture capital fund of the National Association of REALTORS (NAR), as a strategic investor in the company.
SCV joined Symform’s $11 million Series B round of funding from 2012, which included financing from Longworth Venture Partners, OVP Venture Partners, and WestRiver Capital.
"Second Century Ventures is committed to identifying and helping develop technology solutions that help our REALTOR members maintain a competitive edge while growing their businesses," said Dale A. Stinton, president of SCV and NAR CEO. "As the volume of electronic information continues to grow, proper data backup and protection is becoming mission-critical for all businesses everywhere. Symform is a great fit in our investment portfolio and is also tailor-made for REALTORS, who have a strong need for a cost-effective cloud data backup solution."
"Symform is disrupting the multi-billion dollar global cloud data backup market with our unique decentralized solution," said Matthew J. Schiltz, CEO of Symform. "Our strategic partnership with Second Century Ventures will put our unlimited cloud storage offerings into the hands of the member base of NAR, the largest trade association in the United States. This investment is an important validation of our model, and is additional momentum as we build the world’s largest virtual datacenter."
Symform offers mid-market customers and IT resellersan affordable, secure and reliable cloud storage and backup solution. The company will use the SCV financing to power product development and accelerate the adoption of Symform. The announcement caps a record-setting year for Symform, as the company’s Global Cloud Storage Network now reaches active users in 160 countries that trust Symform to store over 7 billion data fragments.
As part of the investment, Constance Freedman, MD of Second Century Ventures, will join the Symform’s board of directors. As MD at SCV, Freedman manages all aspects of the fund, from cultivating investment opportunities to helping portfolio companies achieve their strategic goals. Freedman is also NAR’s vice president of strategic investments, where she assesses key strategic investment initiatives within NAR.
Read also:
Symform Adds $11 Million Series B, Total at $20 Million
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