End-of-life planning platform, Safewill, has raised $5.5 million for the second time in 19 months in what the startup is calling a Series A.
The technology platform previously raised $3 million in a Series A in October 2021.
The latest round was led by Carthona Capital, backed by existing financier Reinventure, plus Flying Fox Ventures. The new capital is intended to further develop the company, including expanding the platform abroad.
Safewill was founded in 2019 by Adam Lubofsky and Dan Bennett to digitize estate planning and make it more affordable. The company has also worked to increase charitable giving and works with over 200 Australian charities.
Estate planning services offered by Safewill include Enduring Powers of Attorney and Enduring Guardianship products, a subscription-based digital vault where clients store important documents to support executors, an affiliated law firm Wills and Estates, and low-cost funeral planning services.
Co-founder and CEO Adam Lubofsky said the company has grown beyond its original vision as a digital will-writing platform and is now used by more than 100,000 people.
“We have built a digital product that brings together all aspects of end-of-life planning — including estate planning documents, funeral products, end-of-life legal services, and modern concepts of estate and farewell — into one unified digital product,” he said. .
“With our domestic success, we are now looking to export our award-winning technology abroad. We are in the strategic stages of identifying the most relevant markets and expect to execute this plan by the end of this year.
Lubofsky said gifts in wills account for more than 20% of total national charitable fundraising.
“From the day we started Safewill, we knew that charities had difficulty obtaining and tracking gifts in wills and we wanted to address that problem,” he said.
“We have received over $500 million in charitable giving for Australian non-profit organizations through our will, making Safewill one of the premier charity fundraising platforms in Australia.”
Reinventure managing partner Danny Gilligan said Safewill is digitizing at scale in an industry that has so far been largely untouched by technology, despite the impact on everyone.
“It also happens to be one of those rare opportunities that intersect with the ability to impact meaningful change in the world and a material untapped market,” he said.