£4 million investment secured by online will writing platform
A new online platform for writing and managing wills has received £4m in funding.
London-based Farewill offers an all-in-one financial and legal services platform for dealing with death.
Augmentum Fintech, one of Europe’s leading fintech venture capital investors, has announced an investment of £4.0 million in the company, founded in 2015.
Augmentum is leading the £7.5 million Series A fundraising alongside existing and new investors including dmg ventures, SAATCHiNVEST, and Kindred Capital.
This investment round will enable Farewill to expand its team and allow the business to continue to deliver the highest level of customer support and satisfaction though its online service. Farewill customers benefit from having a specialist at the end of a phone or live chat, at any time of the day, seven days a week.
“Securing pre and post-death services is an archaic and painful process,” said Tim Levene, of Augmentum Fintech.
“There is little competition in a sector untouched by digital, with inefficiencies and pricing that reflect these market characteristics. There is a considerable opportunity in this space where Farewill are incredibly well positioned”.
Farewill has received £400,000 in funding to date, and its three founders include Antton Peña, who also founded Flock, a VC- and government-backed insurtech company.
Augmentum invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors.
It is the only listed fintech-focused venture capital firm in the UK, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.