Will and estate planning startup Willed has raised $6 million as it looks to expands its services to deal with issues such as cryptocurrency.
The SaaS startup’s backers include Thorney Investment Group, Ellerston Capital, Paul Dwyer, founder of PSC Insurance, and Bell Potter’s Hugh Robertson. Dwyer has joined the Willed board as a non-executive director.
Willed will to use the money to continue expanding its team and product range.
Co-founded by Aaron Zelman, Dave Kaplan and Tim Glasson in 2019, and launched in 2020, Willed pitches itself as “Australia’s leading ‘deathtech’ brand”.
It enables people to create a legally valid will in less than 20 minutes and deal with other aspects of estate planning such as appointing an executor (in charge of the will), funerals and probate, issues that often cost several hundreds, if not thousands, of dollars via lawyers. Users can even appoint guardians for their children.
Tens of thousands of Australians have already signed on.
Zelman, Willed’s co-CEO, said more than 50% of Australian adults don’t have a will. He was inspired to tackle that problem are witnessing the emotional trauma stress his close friend and co-founder, Kaplan, experienced after a loved one died intestate (without a will).
“We’re excited to help every Australian get their end-of-life affairs in order and take care of their families. This round of funding will help us do just that while also building out our platform,” he said.
Zelman also wants to continue its focus on charitable bequests to support Australian charities such as the Royal Flying Doctors and National Breast Cancer Foundation.
Bell Potter’s Hugh Robertson said Willed addresses a major issue within the Australian population.
“Large numbers of individuals do not have a will, and the probate and estate services are a compelling offering,” he said.
“The age of the family solicitor has diminished, and the need to ensure your affairs are in order is applicable to all age groups.”
The entry level online Willed products costs $15 annually.