Monday 21 January 2019 12:04 pm

Augmentum Fintech backs London will-writing startup Farewill in £7.5m round

London-listed venture fund Augmentum Fintech has today announced a £4m injection into probate startup Farewill, leading the firm's £7.5m series A fundraise alongside the venture arms of the Daily Mail and M&C Saatchi.

Other investors in the round included Transferwise chief executive Taavet Hinrikus, Innocent Smoothies parent firm Jamjar, Kindred Capital, Tiny VC and Venture Founders.

Farewill claims to be the largest will writer in the UK, enabling Brits to write and manage their wills online using digital tools and round-the-clock customer service operations. It said it currently writes one in every 30 wills in the country, with plans to reach one in every 10 by the end of this year.

Augmentum Fintech chief Tim Levene said the lack of competition in the probate sector to go digital has left a "considerable opportunity" in the space which Farewill seeks to fill.

Read more: London tech startups raked in almost double their European counterparts in 2018

"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," added Dan Garrett, co-founder and chief executive of Farewill.

"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 Hackney-based startup said it will use the funding to double its workforce by the end of this year, as it ramps up plans to take further market share in the sector.