Empathy raises $47 million Series B for platform that assists with grief and the loss of a loved one
In the past three years, Empathy has made a full range of assistance with grief, estate settlement, probate and more available to 5 million employees and 35 million policyholders across the US
Empathy, which has developed a platform that assists with grief and the loss of a loved one, announced on Tuesday a $47 million Series B round led by Index Ventures with participation from General Catalyst, Entrée Capital, Latitude (sister fund of existing investor LocalGlobe), and Brewer Lane. The round also included strategic investments from major life insurance carriers Allianz, MassMutual Ventures, MetLife, New York Life Ventures, Securian Financial, and Sumitomo, bringing Empathy’s total capital raised to $90 million.
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“It was very difficult to raise funding, but we achieved a significant increase in the company's value. Six global insurance giants invested alongside Index and General Catalyst. It's rare for six competitors to join forces in an investment, especially considering they are all our clients,” Ron Gora, the company's CEO and co-founder told Calcalist. "We have expanded our services through insurance companies and employers, which motivates our members. Our revenue has grown fourfold and we are bringing in tens of millions of dollars. We have forged partnerships with various insurance giants, including the largest in the United States.”
“Dealing with the loss of a loved one is one of life’s most challenging moments, yet there has been a problematic gap in the traditional support systems and benefits that barely touches on what families need,” added Gura. “We are honored to provide help in a sustainable, scalable way by working with employers and insurance carriers to become the new standard for modern benefits. Embracing empathy in the workplace is good for families, good for business, and good for our society as a whole.”
Empathy was founded by Ron Gura and Yonatan Bergman, who began their work together at The Gifts Project, acquired by eBay in 2011. Over the last decade they have held various leadership positions including at PayPal, eBay, and WeWork. The company currently employs 82 people in New York and Tel Aviv.
In the past three years, Empathy has made a full range of assistance with grief, estate settlement, probate and more available to 5 million employees and 35 million policyholders across the U.S. This support comes at no cost to families, provided either through their life insurance benefits or coupled with bereavement leave through an employer. The Series B funding will be used to expand Empathy’s services and cover new industries and regions nationwide.
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“Our goal is not only to support and advocate for families going through bereavement, but to shift the way everyone thinks of and approaches loss,” Gura continued. “Bringing loss and grief out of the shadows and giving it its rightful place as an important and normal part of life is vital. Our Series B is an important step on our path toward paying the attention and care it deserves and giving every bereaved family everywhere the support they need.”
