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Farewill raises £7.5m to disrupt death

Will writing service Farewill has raised £7.5m to “disrupt the death industry”.

The latest capital raise sees further investments from listed fund Augmentum Fintech, Taavet Hinrikus, Transferwise and Tracy Terrill ex CTO of LegalZoom.

Other investors include founders of innocent smoothies JamJar, SAATCHiNVEST, dmg ventures, Kindred Capital, Tiny VC And Venture Founders.

They join the likes of Alex Chesterman, founder of Zoopla who invested in Farewill’s seed-round.

Delivering simple, quick and easy-to-use tools for will writing online, Farewill is growing fast. In just under two years, it is already the largest will writer in the UK, writing 1 in 30 wills and by the end of 2019 is forecast to hit 10% of the market, writing 1 in 10.

There is a huge need for this service according to Farewill, with over 30 million people in the UK currently without a will and a death industry until now, untouched by technology. Farewill believes reaching people digitally and making the process as smooth as possible is key to fixing this huge problem.

This investment round will go towards doubling the workforce by the end of 2019 and allow the business 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, any time of day, 7 days a week, delivering trust and peace of mind.

Dan Garrett, Farewill co-founder and CEO, said: “Dying is the largest financial event of your life, with £1 trillion expected to pass between generations over the next years. It’s a serious amount to protect and pass on correctly. And yet it is largely ignored.

“We have a unique and exciting opportunity to lead the way in building simple, easy-to-use tools for dealing with death, putting people back in control and giving everyone peace of mind over what happens when they die. It’s clear our investors are making a big bet on us doing something unprecedented, as we aim to build the first consumer brand in death.

“The mix of unicorn founders Alex Chesterman (Zoopla) and Taavet Hinrikus (Transferwise) and fintech specialists like Augmentum, is a testament to our team and approach to the market.”

Farewill’s growth is further supported by a number of insurance partnerships with providers such as Legal & General and Aviva. Farewill also has 50 charity partners including Cancer Research UK and Macmillan Cancer Support for whom they’ve already raised £100m in pledged income.