FreeWill Raises $30M in Series B Funding

FreeWill, a New York-based provider of philanthropy and estate planning tools, raised $30M in Series B funding.

The round was led by Bain Capital Double Impact with participation form ICONIQ Growth, QED Investors, Ulu, Highland, Pear, and HearstLab.

The company intends to use the funds to accelerate growth and product development and scale its capabilities in providing nonprofits comprehensive planned and major giving support.

Led by CEOs Jenny Xia Spradling and Patrick Schmitt, FreeWill is a social-good enterprise offering online tools that empower Americans to address commonly faced estate planning needs and make charitable donations in tax-advantaged ways, all for free.

The company has also expanded its product suite to enable nonprofits to accept a growing range of non-cash gifts through its Bequest Tool for legacy giving, a Qualified Charitable Distributions Tool to fundraise in real-time from IRAs, a Stock Gifts Tool for real-time giving, and a new Crypto for Charity tool that helps nonprofits – the vast majority of whom are currently unable to take crypto donations today – immediately begin accepting crypto gifts within a day.  

Through its partnerships with 1,000+ nonprofits, the company is also able to provide a comprehensive suite of estate planning and related tools to consumers free of cost. To date, FreeWill has generated nearly $5 billion in planned and real-time gifts for more than 10,000 nonprofits while helping more than 460,000 consumers create wills and plan their estates.