Welcome to another episode of Fundraising Demystified, a podcast where we delve into the untold stories of successful founders. In this episode, we had the pleasure of interviewing Daniel Goldstein, the co-founder, and COO of Trust and Will. Join us as we uncover the secrets behind their journey in raising capital and building a TurboTax-like platform for estate planning.
From Humble Beginnings to Raising Millions
Daniel Goldstein, along with his co-founders, set out on a mission six years ago to make estate planning accessible and affordable for every person in the country. Despite being based in San Diego, considered a tier 2 market for venture capital, Trust and Will managed to raise an impressive $48 million from VCs and institutional investors.
The company's journey started with Techstars, a startup accelerator, and quickly gained traction as they launched their first will-based estate plan. They found that moms between the ages of 35 and 55 were the primary drivers of estate planning activity. With an initial funding of half a million dollars, Trust and Will continued to attract investors who believed in their vision.
The Power of Strategic Partnerships
Raising capital is not just about securing funds; it's also about finding the right partners who can provide value beyond financial support. Trust and Will's Series A funding stood out in the San Diego market, and the company eventually raised a total of $38 million. Additionally, Link Ventures from Boston brought immense value to the table, offering acceleration and growth opportunities.
CEO Daniel Goldstein emphasizes the importance of choosing the right partner, especially in later funding rounds like Series A and B. The negotiation dynamics change as the cash-out date approaches, making it crucial to align with investors who share the company's long-term goals.
The Market Opportunity and Scaling Potential
One of the most overlooked aspects of the fundraising game is the market opportunity. Trust and Will identified a significant market with an estimated 6 to 8 million people creating a net new estate plan every year. Drawing inspiration from TurboTax's dominance in the tax market, the company aims to scale up and capture a significant share of the estate planning market.
Despite facing challenges during their early fundraising stages, including investors falling asleep during pitches, Trust and Will persevered by consistently showing up and sending monthly investor updates. They emphasize the importance of honing your story through multiple pitches and building a network of investors who believe in your vision.
Building a Great Business
Throughout their journey, Trust and Will focused on building a great business. They started by tapping into their existing network of connections and gradually expanded their reach. COO Daniel Goldstein encourages founders to prioritize building a solid foundation for their business, and success in fundraising will follow.
If you're interested in exploring Trust and Will's estate planning services or following their journey, you can visit their website and complete your estate plan in just 20 minutes.
Join us next time on Fundraising Demystified as we uncover more inspiring stories and insights from successful founders. Whether you're a budding entrepreneur or an established founder, this podcast equips you with the knowledge and inspiration to conquer the fundraising landscape.
Links mentioned:
Trust & Will website: https://trustandwill.com
Reach Daniel on Linkedin - https://www.linkedin.com/in/goldstein22/
Reach Daniel on Twitter - https://twitter.com/Goldstein222
Hosted by Jason Kirby - https://www.linkedin.com/in/jasonrkirby/
Email Jason at jason@thunder.vc
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