Tomorrow Ideas Inc., a Seattle tech startup offering an app that will help you create a free will, purchase the right life insurance, or establish a living trust, has raised nearly $9 million through a recent equity offering.
The company, launched in 2016, has some 250,000 users to date and a focus on helping young families get their estates in order for their heirs. A 2019 survey by Caring.com found that although most U.S. adults believe end-of-life estate planning is important, some 57% do not currently have estate-planning documents, such as a will or living trust ― and only 18% of millennials, ages 18-34.
Tomorrow Ideas previously raised about $7.4 million in prior seed-funding rounds, according to Crunchbase. The current equity offering seeks to raise a total of $11 million, according to a federal securities filing, of which $8.9 million had been raised from a total of 10 investors as of Oct. 31.
“The Tomorrow app helps you organize family finances and make decisions for the future — from insurance and inheritance to investments,” the company says. “Tomorrow built a one-of-a-kind platform from the ground up to help families make important legal, insurance, and financial decisions — without wasting time and energy doing it the old-fashioned way.”
The company allows users to create a will free of charge through its app, which boasts encryption that provides “bank-level security.” The will template was designed with the help of a network of 52 attorneys across the country, Tomorrow Ideas notes on its website.
The startup, licensed as a national insurance broker, makes money through value-added services offered through the app, such as commissions on helping users purchase a life insurance product or via a $39.99 annual subscription fee that provides users with services such as the creation of a living trust that facilitates the transfer of assets to heirs in the future.
“I wanted to take the difficulty out of family trusts and wills while adding more connection and flexibility,” says Tomorrow Ideas co-founder David Hanley. “My journey began in love for my parents and it sustains me in my work to help others be better prepared for the future. Tomorrow is about hope.”