Total amount raised
$30 Millions
Latest funding date
03/01/2022
Location
FreeWill has successfully raised funds through multiple rounds, including a Series B round, with backing from notable investors such as Ulu Ventures and ICONIQ Growth. The platform offers a suite of estate planning tools, partnering with over 1,900 nonprofits to facilitate free will creation and support charitable donations.
Keep reading to explore the intricacies of FreeWill's fundraising journey and the investors backing this impactful platform.
What Is FreeWill?
FreeWill, founded in 2016 by Jennifer Xia and Patrick Schmitt, is headquartered in New York, New York. The company operates in the non-profit, social impact, and software industries, providing online tools for estate planning and philanthropy. With an employee count ranging from 101 to 250, FreeWill partners with over 1,900 nonprofits to offer free will creation services.
As a Delaware Public Benefit Corporation, FreeWill emphasizes user-friendly, secure, and free estate planning tools, including living wills and durable financial power of attorney. The platform has facilitated the creation of over 1.2 million wills and committed over $11.3 billion to nonprofits, making it a significant player in the legal tech and estate planning sectors.
How Much Funding Has FreeWill Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of FreeWill's estate planning tools.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine the platform's features and expand its user base.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series A Round
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of FreeWill's estate planning and charitable giving tools.
- Series B Round
- Amount Raised: $30 million
- Date: March 2022
- Lead Investors: Bain Capital Double Impact Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and scale capabilities in providing comprehensive planned and major giving support to nonprofits.
Total Amount Raised: $30 million
Current Valuation: Not publicly disclosed
Key Investors
- Bain Capital Double Impact Fund
- Details: Bain Capital Double Impact Fund is the impact investing arm of Bain Capital, focusing on investments that deliver both financial returns and measurable social and environmental good.
- Investment Focus Areas: Health & wellness, education & workforce development, sustainability
- Notable Investments: Arosa, Impact Fitness, SpringWorks
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in technology companies with high growth potential, focusing on long-term partnerships and sustainable growth.
- Investment Focus Areas: Technology companies
- Notable Investments: Snowflake, Datadog, Uber
- QED Investors
- Details: QED Investors is a venture capital firm specializing in early-stage, disruptive financial services companies, aiming to support innovative solutions in the financial sector.
- Investment Focus Areas: Disruptive financial services
- Notable Investments: Credit Karma, SoFi, Avant
- Ulu Ventures
- Details: Ulu Ventures is a seed-stage venture firm that invests in early-stage technology companies, with a focus on supporting diverse and innovative startups.
- Investment Focus Areas: Early-stage technology
- Notable Investments: Palantir, SoFi, Figure
- Highland Capital Partners
- Details: Highland Capital Partners is a global venture capital firm that invests in seed, early, and growth-stage companies across various sectors, including technology and consumer products.
- Investment Focus Areas: Technology, consumer products
- Notable Investments: 2U, Rent the Runway, Malwarebytes
What's Next for FreeWill?
FreeWill stands at the cusp of significant growth opportunities, driven by the vast market of Americans without a will and the increasing acceptance of non-cash gifts like stocks and cryptocurrency. The company aims to deepen its partnerships with nonprofits and enhance its product offerings, particularly in the realm of crypto donations. This expansion could potentially drive billions more in charitable contributions, aligning with their mission to raise over $1 trillion for nonprofits.
Future fundraising efforts are likely to attract more impact-focused investors, building on the momentum from their recent $30 million Series B round. The focus will be on scaling operations and innovating their platform to meet the growing demand for digital estate planning and charitable giving tools. However, FreeWill will need to navigate challenges such as competition from established players and the complexities of managing non-cash donations.
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