Scription Closes $7.8M Seed Round, Appoints CEO

Technology startup Scription announced on May 13 that it closed a $7.8 million oversubscribed seed round, and that it has a new CEO, Gerritt Graham.

Scription, founded in 2020 and based in Calgary, Alberta, says it will use the capital to expand its Scription360 program throughout North America. Scription360 serves as a subscription maintenance program for foodservice equipment; it aims to benefit operators and service agents.

“Coming off a decade in the insurance industry, I understand the power of products that offer business owners stability and certainty in running their operations,” Graham says in the release. “Scription is uniquely positioned to lower the total cost of risk for our clients. I am honored and excited to be joining this exceptional management team.”

In 2023, Scription raised $2.5 million in a pre-seed round, led by investor Markd. IA Capital Group led this most recent round, with further participation from Markd.

“Scription is bringing about a paradigm shift in how restaurant owners and operators manage equipment risk to the P&L,” says Rick Viton, partner at IA Capital Group. “The management team’s deep understanding of the industry, data analytics capabilities and unparalleled service network uniquely position Scription to deliver on this vision.”