Farewill, the digital will-writing service, has raised a further £8 million in funding.
The company plans to triple its market share by the end of 2019, disrupting the death industry just as startups elsewhere have disrupted every other sector. It aims to be writing one in 10 wills by the end of this year.
Farewill will use the additional £7.5 million raised to double its workforce over the coming year.
In its second round, Farewill has attracted investments from Taavet Hinrikus, CEO and co-founder of Transferwise; dmg ventures, the venture capital arm of the Daily Mail; and listed venture capitalist Augmentum Fintech.
Other investors include founders of Innocent smoothies JamJar, SAATCHiNVEST, Kindred Capital, Tiny VC and Venture Founders. They join the likes of Alex Chesterman, founder of Zoopla, who invested in Farewill’s seed round.
In just under two years, Farewill is already the largest will writer in the UK, writing one in 30 wills and by the end of 2019 is forecast to reach 10 per cent of the market, writing one in 10.
Dan Garrett, CEO and founder Farewill, said: “Dying is the largest financial event of your life – bigger than buying a home … the significant backing shows we’re here to put people back in control and give them peace of mind over what happens when they die.”
Over 30 million people in Britain are currently without a will. Using technology, Farewill plans to reach people digitally, making the process as smooth as possible.
Garrett added: “We have a unique and exciting opportunity to lead the way in building simple, easy-to-use tools for dealing with death, putting people back in control and giving everyone peace of mind over what happens when they die. It’s clear our investors are making a big bet on us doing something unprecedented, as we aim to build the first consumer brand in death.
“The mix of unicorn founders Alex Chesterman [Zoopla] and Taavet Hinrikus [Transferwise] and fintech specialists like Augmentum, is a testament to our team and approach to the market.”
Alex Dunsdon, partner SAATCHiNVEST, added: “There are few bigger markets than death. Everyone dies, and Farewill has already become the de facto consumer brand in the market. It’s been a privilege to watch Dan and the team grow so fast.”