How Symend raised $52m during a pandemic
In August 2020, in the midst of unprecedented global uncertainty caused by the COVID-19 pandemic, Symend announced the successful close of a $52 million Series B funding round. The story of how we achieved this during one of the most challenging periods in recent business history offers valuable lessons about resilience, timing, and the importance of solving critical problems.
Fundraising in a pandemic
When the pandemic hit in early 2020, the venture capital landscape changed overnight. In-person meetings became impossible. Due diligence processes had to be completely reimagined. Economic uncertainty caused many investors to pause new investments and focus on supporting their existing portfolio companies.
Against this backdrop, raising a significant funding round required adapting to new realities while maintaining the conviction and clarity needed to inspire investor confidence.
Why investors believed
Despite the challenging environment, several factors made Symend an attractive investment:
Solving a critical problem
The pandemic dramatically increased financial stress for millions of people and businesses. Companies needed better ways to engage with customers facing financial challenges—exactly what Symend provides. Our solution became more relevant, not less, during the crisis.
Proven traction
We had already demonstrated significant customer adoption, measurable ROI, and strong retention rates. These metrics showed that our platform delivered real value even before the pandemic highlighted its importance.
Technology advantage
Our unique combination of behavioral science, AI, and cloud technology created defensible differentiation. Investors recognized that our approach represented a fundamental shift in how businesses engage with customers, not just an incremental improvement.
Strong team and culture
We had built a talented, diverse team with deep expertise across behavioral science, technology, and the industries we serve. Our ability to adapt quickly to remote work and continue executing demonstrated resilience and operational excellence.
Market opportunity
The addressable market for behavioral engagement solutions is massive and growing. Investors saw the potential to expand beyond our initial focus areas into adjacent markets and use cases.
Adapting the process
Conducting a funding round entirely through video calls required adjustments to traditional approaches:
- More structured presentations: Without the ability to read the room in person, we had to be more intentional about how we communicated our story
- Virtual due diligence: Customer references, technical evaluations, and team meetings all happened remotely
- Building relationships digitally: Establishing trust and rapport with potential investors through screens rather than in-person meetings
- Managing time zones: Coordinating across different geographies became even more complex without travel options
The investor syndicate
The round was led by Brasford Capital, with participation from existing investors Inovia Capital, Impression Ventures, and other strategic investors. This combination of new and existing investors provided both fresh perspective and continued support from partners who knew us well.
The participation of existing investors was particularly meaningful—it demonstrated their confidence in our trajectory and their commitment to supporting our growth through challenging times.
What the funding enables
The $52 million Series B provides resources to accelerate several key initiatives:
Product innovation
Expanding our platform capabilities, enhancing AI models, and developing new features that deliver even more value to customers.
Market expansion
Growing our presence in existing markets while exploring new industries and geographies where our approach can make an impact.
Team growth
Hiring world-class talent across all functions to support our expanding customer base and ambitious product roadmap.
Research and development
Continuing to invest in behavioral science research and advanced AI capabilities that maintain our technology leadership.
Lessons learned
Successfully raising capital during the pandemic taught us several important lessons:
- Mission matters: Investors want to support companies solving important problems, especially during challenging times
- Adaptability is essential: The ability to adjust quickly to changing circumstances is as important as having a strong plan
- Relationships are foundational: Strong connections with investors, customers, and team members become even more critical during uncertainty
- Timing can be favorable: Sometimes crisis creates opportunity for companies positioned to address emerging needs
- Resilience inspires confidence: How you respond to challenges tells investors as much as your pitch deck
Looking forward
The successful fundraise provided validation of our approach and the resources to accelerate our growth. But more importantly, it reinforced our commitment to the mission: helping businesses engage with customers in ways that are respectful, effective, and mutually beneficial.
The pandemic has fundamentally changed customer expectations around how businesses should engage with them during challenging times. Companies that recognize this shift and adopt more empathetic, personalized approaches will build stronger customer relationships and better business outcomes.
With the support of our investors, customers, and team, we're excited to continue innovating and expanding the impact of behavioral engagement across industries and geographies.
