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®
SEATTLE, Wa., January 16, 2013-- 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
Second Century Ventures (SCV) is a venture capital fund focused on promoting innovation in the real estate industry and helping to enable the entrepreneurial spirit of real estate thrive. SCV has been fully capitalized by the National Association of REALTORS® (NAR). With 1 million members, NAR is the largest trade association in the country. NAR can provide immediate strategic value to Second Century Ventures' portfolio companies by allowing them access to the vast resources of a 300-person organization with expertise, influence and power that comes only by being ingrained in an industry for over 100 years.
About the National Association of REALTORS®
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
The Symform Cloud Storage Network is a better way to store and backup all of your data. As the world's first distributed and crowdsourced free online storage, Symform enables users to pay with bytes instead of bucks. Every business on the network contributes excess local drive space to the grid in exchange for secure, fast and reliable cloud data backup. Before data leaves the source device, it is encrypted and shredded, redundancy added, and then geo-distributed across the global network. With its proprietary and patented technology, Symform is building the world's largest virtual datacenter using existing Internet infrastructure. Go to www.symform.com or email firstname.lastname@example.org for more information.
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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