Safewill secures AUD $17m to expand estate planning

Safewill has secured AUD $17 million in Series B funding to expand its digital estate planning platform across Australia.

The funding round was co-led by Reinventure and King River Capital, accompanied by Carthona Capital, Flying Fox Ventures, and several prominent tech figures, including Larry Diamond, Alex Vynokur, Ilan Israelstam, Geoff Lloyd, and Chris Cuffe AO.

Adam Lubofsky, Chief Executive Officer of Safewill, stated, "The way estate planning is approached in Australia is outdated and doesn't work for modern families. With over half of Australians currently without a will, our mission is clear: make estate planning accessible, approachable and relevant for everyone. Since 2019, we've empowered more than 150,000 Australians to create legally binding Wills, and have become the primary means for writing a will across ANZ. Now, we're taking the next step - we want to build the products that help Australians navigate the loss of a loved one with dignity, simplicity and meaning."

The company plans to use the new funds to broaden its services beyond just digital wills, moving towards estate administration. "We're moving beyond estate planning towards estate administration and planning for what the future of that space will look like. It's such a complex, manual and opaque process around such a challenging time for families. There's a wonderful opportunity to create digital products and services to cater to those moments. Solving that for the benefit of all Australians for generations feels like a worthwhile mission," Lubofsky said.

Lubofsky assessed that traditional estate planning in Australia is expensive and labour-intensive, often not fitting for modern families' needs. This funding will enable Safewill to design "digital experiences & products that support every stage of life's journey, before and after death. We're not only digitising traditional Will-making but also creating a technological ecosystem that allows us to reshape how Australians approach the way death is planned for and managed."

Safewill has reported a 200% annual user growth since 2019, selling its products to consumers and enterprises. The company claims an 80% reduction in average will creation costs compared to traditional legal services, providing software to significant institutions like Maurice Blackburn, Real Insurance, and the Public Trustee and Guardian of the ACT.

Safewill Legal, an estate law firm established by the company, has become one of the fastest-growing in its field across the country. The Series B funding will support Safewill's efforts to innovate its products rapidly, extend its market reach, and build a top-tier team.

Lubofsky noted, "This funding enables us to extend our reach and accelerate our product development to meet rising demand. We're seeing Australians embrace digital estate planning solutions, and we're excited to scale our capabilities to serve them."

Danny Gilligan, Managing Partner at Reinventure, remarked, "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. We are excited to continue to support Safewill in the next phase and bring a really valuable group of investors along for the journey."

Chris Barter, Partner at King River Capital, said, "Safewill's approach to estate planning—integrating technology with empathy—represents the future of legal services. They're not just helping Australians prepare for the future; they're providing essential guidance for families facing difficult times. We're thrilled to come on board and back their growth."

Safewill was founded in 2019 with a commitment to making estate planning affordable, accessible, and empowering. It offers services starting at AUD $160, underpinned by Safewill Legal.