Farewill, a digital end-of-life services startup in the UK, has been acquired by Dignity, a leading funeral service provider, in a $16.8 million all-shares deal. This move highlights Dignity’s strategy to combine its legacy business with digital innovation for growth. Here’s a quick overview of the key points.
- The Deal: Dignity acquired Farewill in an all-shares deal worth £12.9 million ($16.8 million). Farewill’s shareholders will now own stock in Castelnau Group, Dignity’s majority shareholder.
- Farewill’s Background: Founded in 2015, Farewill offers digital tools for wills, probate, and cremation services. It has raised $39 million from investors like Augmentum Fintech, Highland Europe, Keen Venture Partners, and Taavet Hinrikus.
- Dignity’s Digital Evolution: Dignity operates over 40 crematoria in the UK. By acquiring Farewill, it plans to combine its traditional services with Farewill’s digital expertise, aiming to enhance customer experiences.
- Investor Influence: Castelnau Group, Dignity’s majority shareholder, played a key role in this acquisition. This is part of Castelnau’s broader plan to lead Dignity’s digital transformation.
This acquisition represents a merging of old and new, with Dignity poised to leverage Farewill’s digital-first approach to strengthen its market position. The deal is expected to close by January 1, 2025, pending regulatory approval.
