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Funding

Digital estate planning platform Safewill lands $5.5 million in 2nd Series A two years on

- May 4, 2023 2 MIN READ
Adam Lubofsky and Dan Bennett
Safewill cofounders Adam Lubofsky and Dan Bennett
End-of-life planning platform, Safewill, has raised $5.5 million in what the startup is calling a Series A for the second time in 19 month.

The tech platform previously raised $3 million in a Series A in October 2021.

The latest round was led by Carthona Capital, supported by existing backer Reinventure,  plus Flying Fox Ventures. The new capital is to further develop the business, including expansion of the platform overseas.

Safewill was founded in 2019 by Adam Lubofsky and Dan Bennett to digitise estate planning and make it more affordable. The company has also worked to increase charitable bequests and has partnered with than 200 Australian charities.

The estate planning services offered by Safewill include Enduring Powers of Attorney and Enduring Guardianship products, a subscription-based digital vault where customers store important documents to support Executors, an affiliate Wills and Estates law firm, and low-cost funeral planning services.

Cofounder and CEO Adam Lubofsky said the business has grown beyond its original vision as a digital Will writing platform and is now used by more than 100,000 people.

“We’ve built a digital product that ties together all aspects of end of life planning – including estate planning documents, funeral products, end of life legal services, and modern concepts of legacy and farewell – in one unified digital product,” he said.

“With our domestic success, we’re now looking at how we can export our award-winning technology overseas. We’re in the strategic stages of identifying the most relevant markets and anticipate executing on this plan towards 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 charities had difficulty in acquiring and tracking gifts in wills and wanted to address that problem.,” he said.

“We have had more than $500 million in charitable gifts committed to Australian not-for-profits through our wills, which makes Safewill one of the major charitable fundraising platforms in Australia.”

Reinventure managing partner Danny Gilligan said Safewill is digitising at scale a sector that until now has been largely untouched by technology, despite its impact on everyone.

“It also just so happens to be one of the rare opportunities that intersects the ability to affect meaningful change in the world and a material untapped market,” he said.

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