Empathy, a pioneering company revolutionising the approach to grief and loss, announced the successful closure of a US$47 million Series B funding round, spearheaded by Index Ventures, alongside notable contributions from General Catalyst, Entrée Capital, Latitude, and Brewer Lane.
Additionally, the funding round saw strategic investments from major life insurance carriers including Allianz, MassMutual Ventures, MetLife, New York Life Ventures, Securian Financial, and Sumitomo, further bolstering Empathy’s financial standing.
The new funding will allow Empathy to expand by leaps and bounds, guaranteeing that it stays the course in this transformation to make loss and end-of-life issues less of an ordeal for all bereaved families.
This latest injection of capital brings Empathy’s total raised funds to an impressive $90 million, underscoring the growing recognition and support for the company’s innovative approach to family care. Empathy’s platform has swiftly emerged as the new standard in addressing grief and loss, offering invaluable support not only to individuals but also serving as a rapidly growing benefit for insurance carriers and employers alike.
Unsupported bereavement affects stress levels, productivity, mental health, and workplace morale. While 90% of employers today do offer bereavement leave, 60% still only provide up to three days of leave, even though loss continues to affect employees for more than a year after they return to work.
Through its empathetic and comprehensive solutions, Empathy is reshaping the landscape of family care, providing much-needed solace and assistance during times of distress. The company’s commitment to changing the way society navigates through grief and loss is evident in its rapid expansion and the unwavering support it has garnered from both investors and industry leaders.
“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. Empathy continues to set new standards for supporting families through grief and loss,” said Ron Gura, Co-Founder and CEO of Empathy. “We are honoured 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.”
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.
“Empathy’s approach to grief and loss support is defining the emerging compassionate economy, built around anticipating the needs of employees outside of work,” said Danny Rimer, Partner at Index Ventures. “Empathy stands at the forefront, integrating heartfelt support into the employee journey with a solution that helps businesses and insurance carriers of all sizes to invest in their human capital and do better for all.”
Rimer added: “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.”
