Australia's Willed hits $100M valuation on $6.97M raise
What's the deal? WilledDealroom has a profile for this one. Try Dealroom →, an Australian startup that digitises wills, estate administration, and funeral planning, has raised US$6.47M in a late-stage round that values it at US$64.7M. EQT led the round, contributing half the capital, alongside Equity TrusteesDealroom has a profile for this one. Try Dealroom →, Ellerston CapitalDealroom has a profile for this one. Try Dealroom →, and founder-backers Paul Dwyer and Dave Kaplan.
Why now? The seven-year-old company is positioning itself as a lower-cost, digital-first player easing the administrative burden of death. It is also betting on the coming wealth transfer from baby boomers to later generations.
What's the endgame? Willed will use the funds to expand into independent executor services and virtual safes, which store digital information family members need to access after a death. Its platform already helps users create wills and powers of attorney, apply for probate, arrange funerals, and make bequests; it has worked with around 200,000 Australians since inception.
What's in it for EQT? The ASX-listed trustee company Equity Trustees put in $5 million for a 5% stake, which implies the $100 million valuation. The deal carries an exclusive five-year referral partnership — Willed sends customers to EQT for executor and trustee services, while EQT refers clients for probate — plus the right to nominate a non-executive director.
"This strategic arrangement combines accessible digital estate planning services with Equity Trustees' specialist executor and trustee expertise, making professional estate planning and estate administration services available to a wider range of Australians," managing director Mick O'Brien said.
By the numbers: The raise sits in the 43rd percentile by amount — modest relative to the valuation it supports. Willed was last valued at about US$38.8M in a 2024 round, when Seven West MediaDealroom has a profile for this one. Try Dealroom → made a US$1.94M strategic investment that has since been sold.
What could go wrong? The investment is small next to the headline valuation and does not by itself prove operating performance. Willed also faces competition from Safewill, estateXchangeDealroom has a profile for this one. Try Dealroom →, and funeral disruptor Bare, all of which have drawn institutional backing.
The signal: Financial institutions increasingly see wills and bereavement support as customer and service channels, not just standalone consumer apps. US rival Empathy raised $72 million in 2025 with insurers among its backers, underlining a wider shift toward digital estate planning — and toward partnerships that pair trustee firms with lean software platforms.
Read more: afr.com
Image credit: Homedust
