- ClearEstate recently announced it raised $13.25 million in Series A funding. These are the details.
ClearEstate – a platform that supports executors and planners by streamlining tasks and professional services related to estate planning and settlement – recently announced it has secured a $13.25 million Series A funding round, led by a prominent Canadian institutional investor OMERS Ventures.
Launched in 2020 following co-founder and CPO Alexandre Gauthier’s challenges settling his own late mother’s estate, the Montreal-based startup with offices in Ontario, California, and Texas is now supported by some of Canada’s most credible investors, including Diagram Ventures, Torstar, Triangle Capital and NAVentures, the venture capital arm of the National Bank of Canada.
ClearEstate is known as a family finance hub that can save executors approximately 120 hours of their time and $8,500 in fees. And an average North American estate settlement will cost families about $10,000. Adding to the burden is the probate process upon the death of a family member, which is most complex for the executor. They are responsible for completing a series of mandatory administrative tasks that Gauthier has described as being audited by the IRS every month for 18 months – the typical length of the process.
Despite the daunting tasks, the new polling data from Maru Public Opinion for ClearEstate suggests about 9 in 10 North American adults appoint a person close to the family as estate executor. And nearly two-thirds of Americans polled (63%) described the loss of an immediate family member as one of life’s most difficult challenges, disrupting their personal and professional lives; among those appointed executors, nearly three-quarters (74%) agreed. This is where ClearEstate steps in.
With expansion plans throughout Canada and in the 4 most populous US states (California, New York, Texas, and Florida), ClearEstate is growing its all-in-one estate asset management suite. The company also offers estate planning in advance, professional executorship services, and bereavement benefits packages; an emerging trend among employers to further the financial security of employees amid a competitive recruiting environment.
Following the latest funding round, ClearEstate’s growth trajectory will focus on extensive recruitment in both the US and Canada, as the company seeks empathetic, diligent, and forward-thinking software engineers, full-stack web developers, estate professionals, and web sales and marketing specialists. All roles are expected to be remote.
KEY QUOTES:
“We are humbled to have the confidence of OMERS, an organization that values multi-stage growth for those preaching institutional change. OMERS is an important addition to the team as ClearEstate builds a network of support for executors across North America. We are not just addressing a little-known consumer pain point with solid tech, we’re tackling an unjust system that saddles ordinary families with extraordinary amounts of paperwork at a time when they should be healing.”
— ClearEstate CEO and co-founder Davide Pisanu, previously a senior vice president with Cirque du Soleil
“Because we exist to serve the half a million members of the OMERS pension plan, the emerging needs of an aging population are always top of mind for us. We feel confident that ClearEstate’s team and technology are addressing a significant gap in the market by adding much-needed transparency and ease to the estate planning and settlement process for the average person.”
— Shawn Chance, Partner, OMERS Ventures
