Everplans closed their Series A funding round with $6.4 million from Transamerica Ventures. The tech startup offers estate and legacy planning services to clients, and boasts over 100 firms as their clients.
Recent announcements from the company suggest that insurance agents, estate planning attorneys and advisors are clients of the company.
Everplans offers an enterprise version of the company’s software to clients. Individuals can get started with the service for free, but businesses are able to use the service under the professional option. The professional option connects businesses to the platform and allows them to help their respective clients through a robust platform.
Branding and robust progress features allow businesses and their clients to create, track and amass estate and legacy plans all in one place.
All details of end-of-life preparation can be listed on the service so that loved ones don’t need to worry about funeral arrangements. The platform was granted funding because of its potential. The company offers secure delivery of accounts, passwords, digital libraries, wills and countless other legal documents.
Checklists and content are provided to users to guide them in their planning efforts.
A press release from the company suggests that the funding will be used to bolster the company’s offerings and services. The company plans to push their professional platform into the insurance market, too. Transamerica, the company providing the $6.4 million in funding, also stated, “The addition of Everplans will help advance Transamerica’s mission.”
Transamerica offers insurance, retirement and investment options to clients.
The funding allows the companies to work closely together to offer a more robust service. Everplans will also be able to offer a connection between Transamerica and users to find insurance and investment options.
“Having an estate plan greatly reduces the unnecessary wills and estate litigation,” states attorney Bob Meynardie.
The company opened its doors in May 2014 and has since added over 10,000 users that have created plans for their estate upon their demise. In 2015, the company’s co-founder and co-CEO, Abby Schneiderman, stated that Everplans helps people get all of the information together that their family will need if they die. Wills, health care directives, funeral wishes and insurance policies are most common.
Information pertaining to pets and passwords can be left to heirs.
Reports from 2014 show the company raised $2.1 million in funding from Scout Ventures to develop the platform. The company’s other co-founder, Adam Seifer, is also a successful entrepreneur that founded Fotolog. The company was widely successful before being sold to HiMedia Group in 2007 for a deal estimated at $90 million in cash and stock.
Generator Ventures provided the company with further investment in December 2014 to bring the company’s total funding to more than $6 million. The details behind the investment were not released.
Seifer was also part of sixdegrees.com, the first major social network.
The two co-founders met in a chance meeting at a youth startup company that the two were advising. Both founders are entrepreneurs with a track record of success.