Montreal-based ClearEstate, a digital estate settlement platform for executors, has collected C$2.5 million in a seed extension financing. The round was backed by Torstar Corp, Triangle Capital Corp, National Bank of Canada’s NAventures, Diagram Ventures and other investors, including North American funeral home operators.
MONTREAL, June 16, 2021 /CNW/ – Today, ClearEstate, a digital-first estate settlement platform for North American executors, announced its platform launch into the US in partnership with California-based funeral home operator Anthem Partners. The estate settlement fintech also announced C$2.5M in seed extension funding to support product innovation and an expanded further rollout across the United States and Canada.
This funding was raised primarily from strategic investors including funeral home operators across North America that are also launch partners for the platform. Institutional investors include Torstar Corporation, Triangle Capital Corporation, NAventures and Diagram Ventures.
Traditionally, the estate settlement process can take over 400 hours or 12-18 months to complete, and the average executor must independently procure fragmented and costly settlement solutions. Further, most executors are not equipped or prepared for the process, with over two-thirds (71 per cent) of North American executors noting they have never discussed the assets of the estate before their appointment, and a majority (58 per cent) reporting little to no awareness of what the role entails.
“ClearEstate’s streamlined, all-in-one, tech-enabled solution was built with estate executors’ needs at the forefront during what is often a difficult personal period in their lives,” said Davide Pisanu, co-founder and CEO of ClearEstate. “Whether we work directly with executors and families themselves or through our funeral home partners, our platform offers systematic, tailored guidance to help individuals navigate the legal and procedural complexities of the estate settlement process with ease.”
The average estate is valued at $180,000 in North America and currently, approximately US$0.5T is transferred each year from one generation to the next. Over the next 25 years, we can expect to see the largest wealth transfer in history of approximately US$65T.
“ClearEstate is well-timed to take the unknown out of being an executor in a digital-first world,” said Andrew Clark, Chairman of ClearEstate and co-founder of Triangle Capital Corporation. “The platform offers much-needed clarity and efficiency to executors, while ensuring that traditional industry players have an opportunity to remain competitive in a rapidly changing environment.”
ClearEstate is changing the way estates are settled. Founded in 2020, its mission is to demystify the responsibilities facing estate executors and help guide them through the probate process as efficiently as possible. Backed by Diagram Ventures, ClearEstate is committed to promoting transparency and empathy throughout the estate settlement process — one step at a time.
Torstar’s businesses include digital and print news organizations, including the Toronto Star, Canada’s largest daily newspaper, six regional daily newspapers in Ontario, including The Hamilton Spectator, and more than 70 weekly community newspapers in Ontario and related businesses such as iPolitics, Metroland Parcel Delivery services as well as an interest in Sing Tao, one of Canada’s leading Chinese language media companies. Torstar also holds a number of digital investments, including an interest in VerticalScope, a North American vertically-focused digital media company, and LeaseBusters, Canada’s leading car lease re-negotiation business.
NAventures, the corporate venture capital arm of National Bank of Canada, takes equity stakes in startups and growing businesses to foster growth in companies that will shape the financial institutions of the future. Follow NAventures activities at nbc.ca/naventures.
About National Bank of Canada
With $351 billion in assets as at April 30, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
Diagram is a venture builder that conceives and launches technology companies in the financial services, insurance, and health industries. Working alongside world-class founders, Diagram combines access to venture capital investment, hands-on support, and a deep ecosystem of partners and incumbents – into a unique platform to launch and scale a business. Since 2016, Diagram has raised over $205M and launched 11 new companies across North America. www.diagram.ca