From the Wires
Symform Closes Strategic Investment From Second Century Ventures
Deal Includes Financing and a Strategic Partnership From the Venture Capital Fund of the National Association of REALTORS(R)
By: Marketwired .
Jan. 16, 2013 07:00 AM
SEATTLE, WA -- (Marketwire) -- 01/16/13 -- Symform, a revolutionary, distributed cloud backup service, today welcomed Second Century Ventures (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 chief executive officer. "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 resellers the most affordable, secure and reliable cloud storage and backup solution on the market today. 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, managing director of Second Century Ventures, will join the Symform Board of Directors. As managing director 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.
For more information, or to join the Symform revolution, please visit www.symform.com.
About Second Century Ventures
About the National Association of REALTORS®
Symform, Symform Global Cloud Storage Network, the Resilient Storage Architecture, and RAID-96 are trademarks of Symform, Inc. References to other companies and their products acknowledge the trademarks owned by their respective companies and are for reference purposes only.
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