‘Game changer’ as billionaires invest in Willed

The Stokes family-backed Seven West Media is joining Ellerston Capital and billionaire Alex Waislitz’s Thorney Investment Group in backing the nation’s largest online will-writing and end-of-life planning platform.

The Stokes family-backed Seven West Media is joining Ellerston Capital and billionaire Alex Waislitz’s Thorney Investment in backing the nation’s largest online will-writing and end-of-life planning platform. Picture: Tony Gough

The Stokes family-backed Seven West Media is joining Ellerston Capital and billionaire small cap investor Alex Waislitz’s Thorney Investment Group in backing the nation’s largest online will-­writing and end-of-life planning platform.

Seven is making a strategic investment of $3m in the firm known as Willed, with an option to invest a further $3m, to accelerate the growth of the business over the next two years.

Willed chief executive and co-founder David Kaplan said he would use Seven’s extensive media network to build Willed’s market penetration and cement its position as the No.1 brand in Australia for end-of-life planning & services.

“This strategic investment from SWM is a game-changer for Willed because of their unparalleled reach and media expertise,” he said. “This investment means we can accelerate our growth faster than ever before. This investment not only validates our company’s mission but also comes at a critical time when the rising cost of living is putting serious strain on all Australian households. Willed is uniquely positioned to meet the needs of all Aussies, who deserve to have end-of-life planning demystified and made more affordable.

“Longer term, the timing couldn’t be better because the largest generational wealth transfer in Australian history is getting under way – making it more important than ever before for people to have their affairs in order.”  The investment helps Willed address the need for estate-planning in the Australian community, with more than 50 per cent of adults lacking valid wills and many having no funeral plans.

Since its launch in May 2020, Willed has disrupted the domestic end-of-life industry with an easy to access, online solution.

Willed generates its revenue by charging users of its direct-to-consumer online will product – including for annual updates of their documentation – while companies pay annual subscriptions to provide Willed’s products to their customers and members. Charities also pay Willed for access to its platform so they can generate bequests.

The firm was started by three entrepreneurs who were all touched by death in their lives.

Mr Kaplan, who has a successful track record as an entrepreneur, having founded a number of successful start-ups, lost his father six years ago.

Hilton Kaplan was only 51 when he was diagnosed with Parkinson’s disease. He fought on for 19 years before losing his battle. Tragically, he died without a will.

Co-founder Aaron Zelman, who has founded and sold businesses in the insurance sector and is the author of the book “The Doctor’s Guide to Life”, was only 10 when he lost his four-year-old brother. David Zelman was born with a rare blood cancer condition, which took his life early.

The third co-founder of the business, Tim Glasson, has also lost a close relative.

Willed has now helped over 100,000 Australians to write a legally valid will online, with more than $500m bequeathed to ­charities.

The platform has also expanded its range of end-of-life services to include powers of attorney, prepaid funeral plans and at-need funerals. Willed also runs an in-house legal firm that handles probate and other estate issues.

“In a relatively short period of time, Willed has grown into the leading ‘End of Life’ services platform in Australia, providing wills, funerals and probate services for today’s online consumer,” Seven West Media head of ventures Alex Beer said.

“Traditional operators tend to be limited by location and stick to either funerals or legal services alone. Willed is able to better serve customers across a range of related services.

“We believe the upside for Willed is significant, and in partnership with Seven, we aim to turbocharge awareness of the Willed brand via a national TV campaign across Australia.”

Seven West Ventures is the early-stage investment arm of SWM, which invests in business to consumer businesses that have a strategic alignment to Seven’s core verticals.

In June 2022 Willed raised $6m from a list of renowned institutional investors including Thorney Investment Group, Ellerston Capital, Morgan’s Hugh Robertson and PSC Insurance founder Paul Dwyer.

Before Seven’s investment, Kaplan and Zelman controlled over 65 per cent of the share ­register.

Originally published as ‘Game changer’ as billionaires invest in Willed