Safewill raises $17m to expand into estate administration
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The news: Digital estate planning platform Safewill has secured $17 million in Series B funding to expand its services beyond digital wills into estate administration.
The round was co-led by Reinventure and King River Capital, with participation from Carthona Capital, Flying Fox Ventures, founders of Betashares Alex Vynokur and Ilan Israelstam and several prominent Australian tech entrepreneurs and business leaders.
The numbers: Safewill has grown its user base by 200% year-on-year since 2019, with more than 150,000 Australians creating wills through the platform. The company said the cost of creating an average will with Safewill was around 80% cheaper than traditional legal services.
Through partnerships with over 250 Australian charities, the platform has facilitated more than $1 billion in future fundraising income through bequests.
The context: Safewill has established itself as the largest will writer in Australia and New Zealand, with its software being used by institutions including Maurice Blackburn, Mercer Super, Real Insurance and the Public Trustee and Guardian of the ACT.
The company has also established Safewill Legal, which has become one of the fastest-growing estate law practices in Australia.
What they said: "The way estate planning is approached in Australia is outdated and doesn't work for modern families," Safewill chief executive Adam Lubofsky said.
"With over half of Australians currently without a will, our mission is clear: make estate planning accessible, approachable and relevant for everyone."
Reinventure managing partner Danny Gilligan said: "Safewill is one of most interesting fintech opportunities I have seen in my career. It is also our favourite place to invest — at the intersection of large, overlooked markets and things important to society."
The source: Safewill press release
