Empathy raises $47m in Series B funding to lead the Compassionate Economy
Empathy is transforming the way companies and insurers support employees and policyholders during bereavement.
By partnering with Fortune 500 companies and leading insurance carriers, Empathy currently offers its services to 5 million employees and 35 million policyholders across the US at no cost to families.
The company has announced $47m in Series B funding led by Index Ventures, which also includes backing from six of the world’s biggest life insurance providers.
The new funding will be used to expand Empathy’s services, cover new industries, and ultimately make loss and end-of-life issues less of an ordeal for all bereaved families.
Danny Rimer, Partner at Index Ventures, said: "There are so many opportunities to really help someone who is grieving, beyond just giving them a lump sum of money and telling them to carry on."
Bereavement will affect almost everyone at some point in their life. Yet the support given to families and loved ones in the workplace is slight. While 90% of US employers provide bereavement leave, 60% only offer up to three days. This is despite a loss generally affecting employees for more than a year after they return to work, with heightened stress levels, reduced productivity, and increased chances of mental health issues.
Empathy is working to plug this gap through its multi-platform app and dedicated care team. 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 insurance policyholders across the US. This support comes at no cost to families, with the service provided either through their life insurance benefits or coupled with bereavement leave through an employer.
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. Embracing empathy in the workplace is good for families, good for business, and good for our society as a whole.
Ron Gura, Co-founder & CEO of Empathy
Today, the company announced $47m in Series B funding led by Index Ventures, which includes strategic investments from six of the world’s biggest life insurance companies. The funding will be used to expand Empathy’s services and cover new industries and regions across the US. To date, the company has now raised $90 million.
Empathy is part of a wider trend whereby technology is being used to offer employees a more compassionate, supportive, and flexible workplace. The backing from major life insurance companies is a strong signal that the industry recognizes this cultural shift toward supporting people when they need it the most. Working with insurance companies and employers, Empathy combines an emphasis on improving user experience and value for beneficiaries and businesses, with showing real care and compassion to families.
“Empathy's approach to grief and loss support is defining the emerging compassionate economy, built around anticipating the needs of employees outside of work,” says 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.”
“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,” concludes Ron Gura. “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.”