Empathy Raises $30M Series A Funding to Further Mission of Helping Families Deal With Loss
With the additional funding, the tech startup is poised to transform the end-of-life industry and help lessen the burden of loss for families.
NEW YORK and TEL AVIV, Israel, Sept. 30, 2021 /PRNewswire/ -- Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced it has raised $30 million in Series A funding. The round was led by Entrée Capital, with participation from General Catalyst, and Aleph, who doubled down on their seed investment, as well as LocalGlobe, Primetime Partners, and prominent angel investors including Shai Wininger (CEO & Co-Founder of Lemonade), Sir Ronald Cohen, John Kim (ex-President of New York Life), and Micha Kaufman (CEO & Co-Founder of Fiverr).
The funding will be used to further expand Empathy's presence across the US by releasing new products, fostering additional strategic partnerships, and growing its multidisciplinary team to achieve its mission of empowering bereaved families to handle all the responsibilities and emotions that come with loss. Empathy has raised a total of $43M in the last year.
"Empathy is a customer-centric company with compassion at our core. We aim not only to help families who are dealing with loss but also to act as a catalyst for change in the industry at large," said Ron Gura, Co-Founder & CEO of Empathy. "Thanks to the support from our new and existing investors, and our partnerships with trailblazing companies leading their respective industries, software is finally being leveraged to make a significant difference for families struggling with loss. We are humbled to hear from the bereaved families we've helped already, and are determined to continue working to help as many as we can in alleviating both the logistical and emotional burdens of a loved one's passing."
The US end-of-life industry is projected to grow to approximately $100 billion in the next three to five years, including death care[1], estate management[2] and other services, yet this industry remains outdated and fragmented. This leaves bereaved families to deal with hundreds of hours of logistics and responsibilities that are confusing, unintuitive, and emotionally draining. Empathy's app combines technology and human support to save families time, money and stress. The app streamlines end-of-life logistics, minimizes tedious tasks, and automates estate administration, while providing emotional guidance along the way.
"We are proud to continue to support Empathy as it strengthens its position as a market leader in the end-of-life industry and provides a service that is incredibly necessary for families struggling with loss," said Joel Cutler, Co-Founder and Managing Director at General Catalyst. "Empathy has proven both its commitment and its determination to reach as many families as possible, partnering with companies across different sectors to connect with diverse audiences, as well as recruiting the best and the brightest to further their mission. We look forward to seeing Empathy continue to prove how technology can make a major difference for bereaved families."
Since launching in April of this year with $13M in seed funding, Empathy's app has supported bereaved families by streamlining their logistics, and guiding them through the complex and daunting processes of probate, estate administration, taxes, and other bureaucratic tasks associated with loss. In addition to launching its direct to consumer offering across the US, Empathy is working with leading enterprise brands in several industries, including insurance companies, hospice chains, and funeral homes to expand its reach through strategic partnerships. Most recently, Empathy announced a partnership with America's largest mutual life insurance company, New York Life, to expand the life insurance offering beyond financial peace of mind and include logistical and emotional support to families as well.
"Empathy's product is uniquely disruptive and a category-defining solution dealing with loss. Its holistic approach sets it apart, and this, together with its growth, drew our attention to the company. We look forward to working with Empathy's founders and team as they grow by providing this much-needed solution to millions of people worldwide," said Avi Eyal, Managing Partner of Entrée Capital.
"Empathy is proving that "values create value" and is building a lasting business for the 21st century," said Michael Eisenberg, Co-Founder and Equal Partner at Aleph. "Empathy treats you like a human being, removing the hassle through automation and slightly but consistently dulling the pain of loss through grief support. Any business that touches next of kin - from life insurance to hospice, funeral directors to bereavement counselors - will find Empathy's solution a perfect fit for their customers and will enable them to lead with values."
About Empathy
Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy was founded by Ron Gura and Yonatan Bergman and is backed by VC firms General Catalyst, Aleph, and Entrée Capital. To receive more information about Empathy's app, visit us at Empathy.com.
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[1] https://www.researchandmarkets.com/reports/4700436/death-care-market-in-us-industry-outlook-and
[2] https://www.ibisworld.com/united-states/market-research-reports/estate-lawyers-attorneys-industry/
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SOURCE Empathy
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