The company said that it will use this investment to drive customer acquisition for its growing portfolio of after life services and the launch of its rebranded website.
The funding round was led by Talis Capital, a London-based venture capital firm, focused on early-stage technology companies. Beyond’s existing investors, including White Cloud Capital, also participated in the round.
Beyond began offering customers funeral director price comparison services and has now partnered with over 1,000 independent funeral directors in the UK, representing around 30 percent of independent directors. From there, the company expanded its service offering to include funeral financing, estate administration and funeral pre-plans.
Most recently in March, the company launched a new product that allows anyone in England or Wales to write a simple will for free online.
This round of funding for Beyond comes as the UK government announced an investigation into the funeral sector, following the publication of a short-sell report from Beyond on Dignity, which is generally held responsible by commentators for wiping over 60 percent (£1bn) from Dignity’s Market Cap.
Ian Strang, founder and CEO of Beyond, said: “The funeral market has long failed the consumer and we’re hard at work fixing it. If even five percent of people arranging a funeral or writing a will used our services, the annual saving would be over £1bn. This funding round will give us the ability to get our message out there to the public and change attitudes about shopping around for what is, after all, an inevitable purchase for us all.”
“It’s great to have an investor like Talis involved because of their deep expertise in the technology sector and experience of working with consumer-facing brands, as well as to enjoy the continued support of White Cloud.”
Vasile Foca, managing partner at Talis, added: “Beyond is a dynamic business with a truly unique proposition, which offers consumers transparency and choice in an often-opaque marketplace. With its innovative platform and inspiring leadership team, we believe that Beyond will continue to go from strength to strength, and we are delighted to partner with them as they embark on their next phase of growth.”