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LEXINGTON, Ky. – Symbiot Business Group received $2 million dollars in funding from vSpring Capital, and Rocky Mountain Investors. This represents Symbiot’s first round of institutional funding.
As property managers increase the scale and scope of their operations they are looking for service providers with a national footprint that can offer consistent, reliable service. This demand is leading to significant consolidation in the property services Industry. Regional market leaders are seeing this consolidation and recognize the need for more resources and tools to compete effectively against national providers of these services. Symbiot develops the necessary infrastructure for these companies, that they can‘t access or develop on their own, and delivers a single source service provider with the efficiencies of a national player to the property manager, but with local commitment.
"This investment is another significant milestone for Symbiot," said Drew St. John, Symbiot president and COO. "This additional capital will help us accelerate our progress in effectively competing in national markets and driving more value for our network partners.”
"Technology startups dramatically underestimate the cost of channel development,” said Ed Ekstrom, Managing Director of vSpring Capital. “It always takes longer, costs more and is more difficult to scale than they plan for. We have been tracking Symbiot for some time and have been very impressed with their ability to build a scalable distribution model to all the ecosystem participants in the property services industry. With more than 500 paying partners representing more than $1 Billion in buying power in the Symbiot Network, Symbiot represented a unique opportunity for vSpring to invest in building vertical technology solutions delivered through this innovative channel strategy to attractive markets."