It revealed that £2.7m of the funding (180% over the original £1.5m target) comes from the company’s first crowdfunding campaign on the Seedrs platform, alongside a £2m media-for-equity deal with Channel 4 Ventures.
This follows the £5.5m investment to date from international VCs Octopus and eVentures with both reinvesting in this round.
The firm said the new investment will allow “the company to further accelerate their growth and scale the business through distribution partnerships”.
“We’ve created a proposition that attracts many of the 8.5million potential customers the industry currently fails to serve, while making the traditionally arduous process of obtaining life insurance a lot quicker, cheaper and far more flexible.”
He added: “We are blown away with the response and are now focusing on scaling the business. We are incredibly excited about bringing our new digital life insurance concept to a much wider audience. It was fantastic to get recognition from the industry last week in winning the Innovation Award confirming what we are doing is special.”
The media for equity deal will double the current media spend, increasing the reach of DeadHappy’s new TV campaign kicking off in Q1, 2021.
Vinay Solanki, head of Channel 4 Ventures: “We are delighted to be supporting Phil and the team at DeadHappy on their mission to change attitudes towards death and make it more straightforward to plan for.