May 13, 2025

equipment maintenance from hourly rates into a subscription model. Their Scription360 program eliminates financial risk for restaurant equipment operators while aligning the incentives of equipment service companies to financially benefit from equipment uptime, rather than equipment breakdowns. Founded in 2020, Scription launched the program to provide predictable recurring revenues for the service company, while resulting in stable monthly costs, simplified operations, and faster and more efficient repair for the equipment operator. This alignment of incentives is ushering in a new era of technology adoption and reducing the total cost of equipment ownership for top franchise brands in the quick-serve restaurant industry. "We're excited to leverage this capital towards expanding the Scription360 program throughout North America , and to welcome an incredible industry leader, Gerritt Graham , as our new CEO to do it," said Scription Co-Founder and Chief Strategy Officer, Justin Villiers "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. 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," stated Gerritt Graham , CEO of Scription. Scription is the only outcome-based service platform for the foodservice industry, and its predictive maintenance technology is the future of the equipment maintenance space. With customized, hassle-free, monthly fixed-price coverage for equipment assets, Scription simplifies foodservice equipment maintenance across the board for restaurant owners and operators. By improving equipment replacement planning, removing cost uncertainty, and increasing visibility into equipment spending, restaurants lower their total cost of risk and gain control of cash flow, saving both time and money. "Scription is bringing about a paradigm shift in how restaurant owners and operators manage equipment risk to the P&L," said 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. We're thrilled to be partnering with Justin, Gerritt and the whole Scription team." To date, Scription has raised $10.35M USD . In 2023, Scription raised $2.5M USD in a pre-seed round, led by investor Markd. A $7.85M USD seed closed in January 2025 led by investors IA Capital and further participation from Markd. "The overwhelming response from national franchisees and investors since launch has exceeded expectations. With this new round of funding, we're awfully proud of Scription and its expanded reach and remain excited to watch it continue to develop more partnerships with ambitious operators," said Parker Beauchamp , Managing Partner at Markd. About Scription Scription is a pioneering technology company that is aligning the incentives of the commercial foodservice maintenance and repair industry through their innovative new program; Scription360. Founded in 2020, Scription is on a mission to use predictive analysis to drive equipment uptime and reduce total cost of ownership. With customized, hassle-free, monthly fixed-price coverage for equipment assets, Scription eliminates financial risk for restaurants and creates incentives for both operators and equipment service technicians to prioritize consistent equipment uptime. For more information, please visit www.scription.ai About IA Capital IA Capital Group is a New York -based venture capital firm and manager of the Inter-Atlantic funds, with a 25-year track record of successfully partnering with founders to shape the future of financial services and insurance. IA Capital manages strategic venture capital programs on behalf of more than 20 insurance companies and is the most experienced venture capital firm focused primarily on insurtech. About Markd Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry's legacy while helping design its future. Markd's mission is to power substantial work and continually inspire more ideas to prevent hurt and loss. View original content to download multimedia: https://www.prnewswire.com/news-releases/scription-closes-7-8m-oversubscribed-seed-round-expanding-innovative-subscription-maintenance-program-for-foodservice-equipment-302450226.html SOURCE Scription