Life insurance coverage supplier Ethos acquires digital wills and estate-planning startup Tomorrow

Life insurance provider Ethos acquires digital wills and estate-planning startup Tomorrow

A few of Tomorrow’s companies, as seen on the corporate’s web site. (Tomorrow Picture)

Tomorrow, a Seattle startup that helps folks arrange digital authorized wills and trusts, has been acquired by life insurance coverage supplier Ethos, the businesses introduced Thursday.

Based in 2016, Tomorrow’s iOS and net apps supply on-line property planning companies with out the necessity for a lawyer. The corporate has seen utilization skyrocket for the reason that begin of the COVID-19 pandemic, and greater than 600,000 customers have created authorized wills.

Ethos was additionally based in 2016 with an identical objective to make it simpler to make estate-related choices, and supply life insurance coverage on-line. The corporate issued $13 billion in life insurance coverage protection final yr and was valued at $2.7 billion in 2021. It raised over $400 million from Sequoia Capital, Accel, SoftBank Imaginative and prescient Fund 2, GV, Common Catalyst and Jay-Z’s Roc Nation. Income and customers grew by greater than 600% year-over-year in 2021.

Tomorrow raised $17 million from IA Capital, Allianz, Aflac, Sinai Ventures, and Seattle’s Flying Fish. The startup employs 20 folks, who will be part of the 250 employed by Ethos, which has places of work in Austin, San Francisco and Singapore.

Tomorrow CEO Dave Hanley. (Tomorrow Picture)

“Tomorrow’s iOS and net apps will proceed to offer authorized wills, trusts, healthcare directives, powers of legal professional and medical consents,” Tomorrow CEO and founder Dave Hanley advised GeekWire. “The Tomorrow apps will proceed to function underneath the Tomorrow model for now. Which will change sooner or later.”

Hanley based Tomorrow after he misplaced each of his dad and mom unexpectedly. He wasn’t ready for the monetary and authorized processes that adopted, and realized that many others most likely weren’t, both.

His earlier startup, Shelfari, was acquired by Amazon in 2009. He offered social media consultancy Banyan Department to Deloitte Digital in 2013, the place he stayed for almost three years earlier than co-founding Tomorrow.

Ethos is concerned about turning into a extra complete monetary software for households, who usually solely work together with a life insurance coverage firm on the time of sale and when the coverage must be enacted.

“Tomorrow’s objective of making a quick, simple, and clear means for folks to safe their monetary future and defend their households is instantly consistent with Ethos’ objective of defending the following million households,” Peter Colis, Ethos co-founder and CEO, stated in an announcement. “We have been impressed by the workforce’s buyer focus and product platform — having digitized a historically gradual, paper course of — and we’re excited to have the Tomorrow workforce be part of us.”

Phrases of the acquisition weren’t disclosed.

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Written by LessDaily.Com


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