When Dave Hanley lost both of his parents unexpectedly, he wasn’t ready for the difficult financial and legal processes that were to follow. But Hanley, who previously sold two Seattle startups, fortunately had access to resources to help him navigate this new complicated world.
The experience made him realize how many people are unprepared to handle long-term financial and legal decisions — particularly those that lack the time or money required.
That’s why Hanley helped create Tomorrow, a new Seattle-based startup that today announced $2.6 million in seed funding from Maveron, CFSI, Echelon Capital, Clocktower Technology Ventures, Allianz Life, Plug and Play, and angel investors. New Seattle venture capital firms Curious Capital and Flying Fish also participated.
Tomorrow’s app helps users establish family roles like guardian, executor, or trustee; create free wills and trusts; list assets; buy life insurance; and more, all from their smartphone. The idea is to provide an easy, fast, and transparent way for families to prepare themselves for future legal and financial protection.
Hanley told GeekWire that Tomorrow is “the first Trust Fund for everyone, right in their pockets.”
“Ultimately, Tomorrow combines many of the tools used by the wealthy (like Trusts, Wills and insurance), and makes them accessible and affordable for everyday Americans,” he added.
Tomorrow, which just won $250,000 at a JP Morgan-funded fin-tech competition, cited data that shows how a majority of millennials do not have a will or life insurance. The startup hopes to make these difficult-yet-important tasks easier than dealing directly with traditional legal and insurance providers, all through a device that people use everyday and carry around all the time. The company also added social and design elements intended to allow any family member or friend to participate and engage.
“Tomorrow is also designed to be a social experience because we believe that people should involve their family and friends in these essential life decisions and invite them into the process upfront,” Hanley noted.
Tomorrow plans to make money when consumers buy products via its app, which uses bank-level security, encryption, and authentication protocols.
“Often it’s in the form of a commission, but we only make product recommendations that are right for you — no more, no less,” Hanley said of the revenue model.
Hanley previously sold social media consultancy Banyan Branch to Deloitte Digital in 2013. His previous startup, Shelfari, was acquired by Amazon in 2009.
Hanley stayed on at Deloitte for nearly three years before he teamed up with his three Tomorrow co-founders: former Creditnet President Josh Heckathorn; ex-Starbucks mobile engineering leader Wayne Rambo; and startup veteran Erik Berg.
Tomorrow employs 12 people and Hanley expects headcount to double by early next year.