Coronavirus: Will-writing platform Farewill snaps up new funding
Farewill's new funding round is being led by the prominent technology investor Highland Europe, Sky News learns.
Thursday 2 July 2020 21:07, UK
A will-writing app that has seen a surge in demand during the coronavirus pandemic has secured millions of pounds in new investment from a backer of MatchesFashion.com.
Sky News understands that Highland Europe is leading a fundraising for Farewill, which launched in 2015 offering cheaper and more easily accessible legal services than many traditional competitors.
Sources said the new funding, which was likely to total between £15m and £20m from across Farewill's investor base, was likely to be announced next week.
It is expected to value Farewill at somewhere in the region of £70m, according to a person close to the deal.
The latest fundraising comes 18 months after Farewill raised £7.5m to - in its words - "disrupt the death industry".
It comes amid a probe by the Competition and Markets Authority into the funeralcare sector.
Farewill offers probate services as well as an online will-writing process that it claims takes as little as 15 minutes to complete.
The company, which was co-founded by Dan Garrett, chief executive, began offering its will-writing service free of charge to NHS workers after the COVID-19 outbreak in March.
It said it had seen a 12-fold increase in enquiries from NHS staff during the early stages of the crisis.
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"The industry hasn't moved on in centuries," Mr Garrett told AltFi, a financial news service, in April.
"It's gloomy, intimidating and expensive.
"People who have suffered a loss are often going through one of the toughest experiences of their lives - and we have to make it easier for them.
"The pandemic has highlighted some of the issues but, to be clear, they were there long before it started."
The fundraising will add another blue-chip technology investor to a shareholder register that includes Augmentum Fintech, a listed tech company backer, and JamJar Investments, the firm set up by the co-founder of Innocent Drinks, Richard Reed.
Farewill and Highland both declined to comment.