Empathy Announces $72 Million Series C and Unveils Empathy Alliance
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Adams Street Partners leads fundraise alongside General Catalyst, Index Ventures, and strategic investor coalition, positioning company for accelerated product innovation and further expansion
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NEW YORK — Empathy, the leading technology company transforming how the world plans for and manages life's toughest moments, announced today a $72 million Series C fundraise led by Adams Street Partners with participation from General Catalyst, Index Ventures, Entrée Capital, Brewer Lane Ventures, SemperVirens, Latitude, and LionTree, bringing total capital raised to $162 million. Alongside this most recent round, the company has formalized the Empathy Alliance, a coalition of market leaders and luminaries passionate about reimagining cultural standards around access to support. With a commitment to fund innovation that moves the industry forward, members of the Empathy Alliance who participated in the company's Series C include Aflac Ventures, Allianz Life Ventures, Citi Impact Fund, Munich Re, MetLife, New York Life, Securian, and TIAA Ventures.
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This announcement follows Empathy's recent category expansion into legacy planning and preparation with Empathy LifeVault™, broadening its platform to allow individuals to create and securely store legally binding estate plans and essential documents in minutes. Launched in 2021, Empathy's leading loss support solution has eased logistical and emotional burdens for millions of people, including one in five life insurance claimants, through partnerships with renowned financial institutions and over one thousand employers.
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With increased distribution over the past four years, Empathy provides coverage for over 45 million lives, and in the past four months, seven million individuals have received access to LifeVault through partners like Aflac, New York Life, Voya, and more, demonstrating the company's rapid growth with thoughtful carriers and progressive employers, through its product ecosystem. AI has become an integral part of Empathy's platform, introduced to enhance the Care Team's speed, accuracy, and reach through real-time insights, guidance, and automation. While AI plays a crucial role in providing support at scale, human care remains central to Empathy's mission. Building on Empathy's recent momentum, this investment will further deepen capabilities, accelerate innovation, scale the platform offerings, and expand reach.
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'We're honored to support millions of families in their toughest times, and to have earned the trust of leading organizations, partnering with major financial institutions and some of the most progressive employers to deliver compassionate tech at scale,' said Ron Gura, Co-Founder & CEO of Empathy. 'We're proud to be at the forefront of revolutionizing industry standards and societal expectations around loss, and this milestone is not just a testament to Empathy's progress, but to the larger cultural shift that's occurring. Throughout life, we all will encounter moments that are financially, logistically, and emotionally taxing, and we see it as a privilege and responsibility to apply our expertise and direct meaningful resources toward tackling these challenges and raising the standard of support.'
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'Empathy is addressing a critical need with a thoughtful, mission-driven approach to supporting families through life's challenging moments,' said Tom Bremner, Partner, Growth Equity at Adams Street. 'We're excited to partner with the Empathy team and support the company's continued growth as it expands access to essential resources through innovation and industry-leading partnerships.'
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Empathy is currently available throughout North America, including every U.S. state and Canada, in partnership with leading firms, including eight of the top ten U.S. life insurers. The company also supports comprehensive employee bereavement benefits for Fortune 500 companies. Empathy continues to raise awareness of societal attitudes around loss and to address the stigma around the conversation. Last month, the company released its fourth annual research report on the Grief Tax, which uncovered the cost of loss, not just in dollars and time, but also its impacts on health, relationships, and careers. The new data revealed a gap in current support and benefits, as well as the collective understanding of the compounding effects grief can have within society.
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Fueled by the momentum of recent growth and deep insight into what's been demonstrated as a universal and apparent need, Empathy is committed to expanding its support ecosystem to encompass more modes of care that will open up access and support families during life's most difficult moments.
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Empathy is a leading technology company transforming the way people plan for and navigate life's toughest moments. Serving more than 45 million policyholders across North America with loss support, Empathy currently partners with eight of the top ten U.S. life insurance carriers and handles one in five life insurance claims in the U.S. beyond the payout. With $162 million in funding from top-tier venture firms including Index Ventures, General Catalyst, Adams Street Partners, and other leading funds, as well as strategic investment from global financial institutions and Empathy Alliance partners, Empathy combines cutting-edge innovation with compassion to provide unparalleled support for bereavement, estate management, legacy planning, and more. Recognized by Apple, Google Play, and Fast Company, Empathy is setting the standard for modern family care and workplace benefits. Learn more at www.empathy.com.
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The Empathy Alliance is a coalition of organizations, thought leaders, and practitioners seeking to advance the future of compassionate technology. Led by Empathy and together with strategic partners, including investors from the Series C, the Alliance will guide innovation that reimagines standards of and access to support during life's most challenging moments, helping to foster greater societal readiness and resilience. The Alliance is comprised of executives and investors across some of the most notable insurance and financial institutions including Aflac Ventures, Allianz Life Ventures, Citi Impact Fund, MassMutual, MetLife, Munich Re, New York Life, Securian, Sumitomo Life, and TIAA Ventures. To learn more, visit www.empathy.com/alliance.
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