The venture capital firm makes its first investment of the year along with other high profile backers, dmg ventures and SAATCHiNVEST.
Venture capital firm Augmentum Fintech is leading a £7.5m fundraising for online will-writing firm Farewill, which “aims to be the first major consumer brand in death services”.
London-based Farewill offers online will-writing, will management and probate services, and calls itself an “all-in-one financial and legal services platform for dealing with death”.
Augmentum said it will put £4m into the business that will also see other notable investors back the firm in a series A fundraising, which include Kindred Capital, dmg ventures, owned by the Daily Mail’s DMGT, and SAATCHiNVEST, set up by advertising gurus Charles and Maurice Saatchi.
Farewill, led by co-founder and chief executive Dan Garrett, said it will use the cash to boost staff numbers.
The business, launched in 2015, said its “customers benefit from having a specialist at the end of a phone or live chat, at any time of the day, seven days a week”.
Augmentum Fintech co-founder and principal of Capital Tim Levene said: “Securing pre and post-death services is an archaic and painful process. There is little competition in a sector untouched by digital, with inefficiencies and pricing that reflect these market characteristics. There is a considerable opportunity in this space where Farewill are incredibly well positioned”.
This is Augmentum’s first investment of the year. Last September it made a £2.5m investment in UK-based residential rent-to-own specialist Unmortgage, as part of a larger £10m fundraising.
Analysts at investment bank Liberum estimate that Augmentum has "about £40m" of cash for investment after the Farewill transaction.