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Farewill , a U.K.-based end - of - biography services supplier that offer on-line tools for spell wills , organizing probate , and arranging cremation , has been develop by funeral inspection and repair providerDignityin an all - shares deal valuing the startup at £ 12.9 million ( $ 16.8 million ) .
The deal is a classic case of an established legacy officeholder chasing increment by buy a jr. digital upstart , and is designed to help Dignity gain a larger portion of a death forethought services grocery that ’s expect to reach$190 billionby the end of the decade .
establish in 2015 , Farewill is one of several startups to go forth in a category dubbed “ death tech . ” This includesapps to memorialize fuck onesandsocial platforms to supportthe grieving process . Some have invoke significant amounts of speculation capital funding , too , such as Empathy , whichemerged from stealth back in 2021with $ 13 million for its digital supporter for grieving kinfolk — going on toraise a further $ 47 millionjust a few months ago .
Farewill , for its part , has raisedaround $ 39 million since its inception , from backers let in Augmentum Fintech , Highland Europe , Keen Venture Partners , Kindred Capital , and Wise co - founder Taavet Hinrikus . This means that Farewill ’s $ 16.8 million valuation is well below the capital that had been injected — a fire cut-rate sale by just about any estimation .
Financials
It ’s not cleared what the accurate setting were that led to this sale — reportsemerged back in Februarythat one its investors , the VC arm for Daily Mail and General Trust ( DMGT ) , had cut its stake ’s estimated value by two - thirds , suggest that Farewill ’s valuation had dropped from £ 86 million to £ 30 million . Today ’s news is speculative than that .
Farewill ’s mostrecent accountsshowed an increase in perfect sales ( +31.4 % ) , revenue ( +36 % ) , and gross net income ( +88.9 % ) for fiscal year 2023 . However , its EBITDA ( Earnings Before Interest , Taxes , Depreciation , and Amortization ) figure evidence that the company still was n’t operationally profitable , with loss of £ 4.2 million — though those losses had fallen by half on the premature year .
Add to all that , the transaction is being financed through a share - for - share substitution . Farewill ’s shareholders will now own stock inCastelnau Group — an investment firm and Dignity ’s majority shareowner , after a joint speculation with serial entrepreneurSir Peter Woods ’ SPWOnetook Dignity private in a$349 million deal last year .
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“ The addition of Farewill to Dignity ’s offering embodies Castelnau ’s strategical aspiration for Dignity , help gravitas to drive its digital shift and serve its customers even estimable , ” Castelnau CEO Richard Brown say in a assertion .
Dignity ’s origins can be traced back more than 200 years , though its current incarnation is the result of various mergers and attainment . However , with a digital - aboriginal rival under its wing it will be go for to be capable to unite collective strengths . Dignity operates more than 40 crematoria in the U.K. and has a strong on - the - footing front , while Farewill ’s online - focused services looks like a complement to that — “ coalesce the strength of Dignity ’s inheritance , with Farewill ’s expertness in on-line journeys and data , ” as they put it in a public press dismission .
The Farewill make will continue as is , and will operate independently .
“ At Farewill , our commission has always been to make the end - of - life experience as square and stress - free as possible , ” Farewill cobalt - laminitis and CEO Dan Garrett ( pictured above with Dignity CEO Zillah Byng - Thorne ) said in a statement . “ join forces with Dignity allow us to stay true to that deputation while benefit from the experience and resourcefulness of a troupe that has been a trusted name for generation . ”
The acquisition is still subject to regulatory approving , and is n’t expected to close before January 1 , 2025 .
