How Much Did FreeWill Raise? Funding & Key Investors

FreeWill has successfully raised funding over five rounds, with the latest being a Series B round led by Bain Capital Double Impact Fund. The platform offers free online tools for creating legal wills and other estate planning documents, supported by over 2,300 nonprofits.

Keep reading to explore the intricacies of FreeWill's fundraising journey and the investors backing this innovative platform.

What Is FreeWill?

FreeWill is a private company based in New York, United States, operating in the non-profit, social impact, and software industries. The company offers philanthropy and estate planning tools designed to simplify donations for donors and fundraisers. It has an employee count ranging from 101 to 250.

As a Delaware Public Benefit Corporation, FreeWill provides free online tools for creating legal wills and other estate planning documents. The platform supports over 2,300 nonprofits and has facilitated over $13 billion in bequests to charities. The service is user-friendly and emphasizes data privacy.

How Much Funding Has FreeWill Raised?

1. 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 platform and initial operations.
2. 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 the platform and expand initial user base.
3. Series Unknown
   • Amount Raised: Not publicly disclosed
   • Date: January 2019
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support ongoing growth and platform enhancements.
4. 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 the initial growth and development of the platform and its offerings.
5. Series B Round
   • Amount Raised: USD 30,000,000
   • Date: March 2022
   • Lead Investors: Bain Capital Double Impact Fund
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To invest deeply in product development, particularly in enhancing crypto capabilities and providing personalized crypto pages for non-profit partners.

Total Amount Raised: USD 30,000,000. Current Valuation: Not publicly disclosed.

Key Investors

• Bain Capital Double Impact Fund
  • Details: Bain Capital Double Impact Fund is a division of Bain Capital that focuses on investments delivering both financial returns and social or environmental impact. They led FreeWill's Series B funding round.
  • Investment Focus Areas: Health & wellness, education & workforce development, sustainability.
  • Notable Investments: Arosa, Impact Fitness, HealthDrive.
• ICONIQ Growth
  • Details: ICONIQ Growth is a growth equity firm that invests in technology and innovation-driven companies. They led FreeWill's Series A funding round.
  • Investment Focus Areas: Technology companies.
  • Notable Investments: Snowflake, Datadog, Uber.
• QED Investors
  • Details: QED Investors is a venture capital firm focused on early-stage, disruptive financial services companies. They participated in FreeWill's Series A round.
  • Investment Focus Areas: Disruptive financial services.
  • Notable Investments: Credit Karma, SoFi, Avant.
• Ulu Ventures
  • Details: Ulu Ventures is a venture capital firm that invests in early-stage technology companies. They participated in FreeWill's Series A round.
  • Investment Focus Areas: Early-stage technology companies.
  • Notable Investments: Palantir, SoFi, Guild Education.
• Highland Capital Partners
  • Details: Highland Capital Partners is a global venture capital firm that invests in seed, early, and growth-stage companies. They participated in FreeWill's Series A round.
  • Investment Focus Areas: Technology, healthcare.
  • Notable Investments: 2U, Rent the Runway, Scopely.

What's Next for FreeWill?

FreeWill stands at the cusp of significant growth, driven by the untapped market of Americans without wills and the increasing acceptance of non-cash gifts like stocks and crypto. The company aims to expand its partnerships with nonprofits and enhance its product offerings, particularly in the area of crypto donations. This presents a vast opportunity, as FreeWill has already facilitated nearly $5 billion in planned and real-time gifts.

Future fundraising efforts will likely focus on leveraging their mission-driven approach to attract more impact-focused investors. The growing interest in public benefit corporations and the rising importance of digital estate planning tools provide a fertile ground for additional funding rounds. However, FreeWill must navigate challenges such as competition from established players and the complexities of integrating new donation capabilities.

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