Willed Technologies, an Australian technology startup focused on wills, estate administration, and funeral planning, has reached a valuation of A$100 million after securing new investment from ASX-listed Equity Trustees. The capital raising, which totaled just under A$10 million, deepens the company's push into digital-first end-of-life services. The partnership combines Willed's online platform with Equity Trustees' specialist executor and trustee capabilities.
Deal Structure and Valuation
Equity Trustees committed A$5 million, representing a 5 percent stake in Willed and implying the A$100 million valuation. The broader funding round totaled just under A$10 million, with Ellerston Capital and existing backers Paul Dwyer and co-founder Dave Kaplan also participating. Willed was last valued at around A$60 million in a 2024 funding round, underscoring its rapid appreciation.
Investor Support and Use of Funds
Willed is already backed by Ashok Jacob's Ellerston Capital and PSC Insurance founder Paul Dwyer. Seven West Media made an investment of A$3 million in 2024, a stake that has since been sold to private equity firm LVP. Morgans' Hugh Robertson is also an investor, and Morgans ran the new capital raising.
Strategic Referral Agreement
The investment includes an exclusive five-year mutual referral agreement covering selected executor and trustee services. Willed will refer customers of its online platform to Equity Trustees in exchange for a distribution fee, while Equity Trustees will direct certain clients to Willed for probate services. Equity Trustees also gains the right to nominate a non-executive director to the Willed board.
Platform Growth and Market Position
Founded in 2020 by Dave Kaplan, Aaron Zelman, and Tim Glasson, Willed helps users create wills and powers of attorney, apply for probate, arrange funerals, and make bequests. The company has assisted around 200,000 Australians since inception. It plans to use the fresh capital to expand into independent executor services and virtual safes that store digital information for family members after a death.
Competitive Landscape
Willed faces competition from estate planning platform Safewill, deceased estate administration provider estateXchange, and direct-to-consumer funeral disruptor Bare. Safewill, backed by Reinventure, King River Capital, Zip Co co-founder Larry Diamond, and former Perpetual chief executive Geoff Lloyd, was valued at more than A$60 million two years ago. Macquarie Capital invested in Melbourne-based estateXchange earlier this year, while Bare closed a funding round of A$10 million in 2022.
Leadership Perspectives
Equity Trustees Managing Director Mick O'Brien said more than half of Australian adults do not have a valid will in place, highlighting a significant gap in estate planning. He described the arrangement as a combination of accessible digital estate planning services and specialist executor and trustee expertise. Willed Founder and CEO Dave Kaplan said the partnership strengthens the company's offering by connecting customers with enhanced support throughout their estate planning journey.
Broader Industry Momentum
The partnership with Willed supports Equity Trustees' strategy of expanding access to its estate planning, executor, and trustee services through fast-growing digital customer channels. It also follows broader investment activity in Australia's end-of-life services sector, where digital platforms are attracting venture and strategic capital. These businesses aim to reduce administrative burdens associated with death and smooth intergenerational wealth transfer.
The transaction underscores how traditional trustee companies are increasingly partnering with digital platforms to expand their reach. For Willed, the investment and referral agreement provide both capital and a path to professional executor services. The collaboration positions both organizations to capture growing demand as baby boomers transfer wealth to younger generations and more Australians adopt online estate planning.