Perennial Partners and Ord Minnett Private Capital have led Bare’s capital raise, with support from ex-NBA star Andrew Bogut.
Direct-to-consumer funeral disruptor Bare is the latest death tech start-up to defy the tech market slowdown, banking $10 million from institutional investors Perennial Partners and Ord Minnett Private Capital.
The West Australian co-founders, who met at university, had seen friends and family struggle with funeral arrangements after the death of a loved one, dealing with time constraints, limited options and hefty price tags. “While some of those decisions were forced upon people, when they realised the ceremony didn’t have to be tomorrow or next week, they were able to take their time and be more thoughtful,” Mr Donovan said.
“While the valuation crash was around tech multiples, and we’re a digitally enabled DTC business, we’re also not a typical tech business. We have non-cyclical guaranteed demand, solving a human problem.” The company’s users are split evenly between those organising a memorial for a loved one and those taking charge of arrangements for their own service.If the company collapses, consumers who have pre-paid funerals are guaranteed to get their money back, thanks to Bare’s structure.
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