Willful expands across Canada after landing funding and partnering with major banks

Founded: 2017
Sector: Enterprise Software
Program: Capital Advisory
Services: Advisory support, network connections

This software startup tapped into MaRS programs, refining its financial models to secure customers, partners and investors.

Erin Bury and her husband Kevin Oulds started their company to help others avoid what they went through. After Oulds’ uncle died unexpectedly in 2015, his family had to scramble to make arrangements, and arguments over burial versus cremation and which outfit his uncle should wear in the casket led to chaos and confusion. “It put this additional burden onto the family at a time when they really should have been focused on grieving,” says Bury.

The couple created the convenient and cost-effective solution they had wanted: a digital estate planning platform that helps create wills, powers of attorney documents and other end-of-life plans at a fraction of the cost of what a law firm would charge. “It’s way less expensive,” says Bury. “Plus, you can do it online from your couch.”

Willful grew quickly (sales jumped 600 percent in the early days of the pandemic), but to build awareness across Canada and pursue key partnerships, Bury needed capital. The current market conditions, however, are making it much more difficult to achieve those goals. “Customers and investors are tightening their belts,” says Jenny Yang, a senior advisor for enterprise companies at MaRS. “And venture capital investors are being very slow and very choosy.”

How MaRS helped: The startups Yang works with typically need help in three key areas: getting customers, hiring talent and raising capital. “MaRS has services in all three,” she says. “We’re able to draw on different places, programs and people that we have within the MaRS network to help companies build their particular needs.”

Yang first worked with Bury on Willful’s financial modelling to reveal insights about its various customer segments. “When founders are in the business every day, it’s hard for them to see the forest for the trees,” says Yang, “As an outsider I can say, ‘This is a really strong story. You need to highlight that more.’”

During their weekly meetings, Yang was both a coach and a cheerleader, helping Bury uncover the details that would sharpen her investor pitch. “She shared a lot of insights on what she would ask if she were an investor and helped us focus our narrative and our fundraising target,” says Bury, adding that the list of investors that the MaRS team pulled for her helped open a lot of doors. An in-depth report on capital funding trends from the market intelligence team at MaRS also proved invaluable, providing key insights for Bury as she built her financial roadmap.

The impact: Since working with MaRS, Willful successfully raised $1.4 million in funding and has reached profitability. The company has now partnered with CIBC and Scotiabank. “Our highest achievement was launching our partnership with Scotiabank this spring,” says Bury. The deal, which offers Scotiabank clients a 20 percent discount on Willful’s services, was announced just a few months after the company launched in Prince Edward Island and Newfoundland. “Now,” Bury adds, “Willful is available to everyone across Canada.”

What’s next: After launching a chatbot this summer to guide people through the process. Oulds and Bury are working on other ways to empower executors with the information they need after they lose a loved one. “Educating people is a core part of our mission. Nobody wants to think about their own mortality,” says Bury. “But it’s a must.”

MaRS programming is funded in part by the Government of Canada through the Federal Economic Development Agency for Southern Ontario and by the Province of Ontario’s Ministry of Economic Development, Job Creation and Trade.