Symform earlier this week 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.
According to a press release issued this week by Symform, Matthew J. Schlitz, the companys CEO, briefly discussed the reasoning behind the new partnership. “Symform is disrupting the multi-billion dollar global cloud data backup market with our unique decentralized solution,” Schlitz said. “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 is known for offering mid-market customers and IT resellers cloud storage and backup solutions. 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 will manage all aspects of the fund, from cultivating investment opportunities to helping portfolio companies achieve their strategic goals.