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ClearEstate Secures $13.25M Series A led by OMERS Ventures

Backed by institutional investors and expanding in the four largest US markets, the SaaS platform for executors is democratizing estate settlement and planning.

Posted on February 3, 2022
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MONTRÉAL, CANADA – January 31, 2022 (TNKR Media): ClearEstate, a platform that supports executors and planners by streamlining tasks and professional services related to estate planning and settlement, has secured a US$13.25 million Series A funding round, led by a prominent Canadian institutional investor, OMERS Ventures.

Created in 2020 following co-founder and CPO Alexandre Gauthier’s challenges settling his own late mother’s estate, the Montréal-based startup with offices in Ontario, California and Texas is now supported by some of Canada’s most credible investors, including Diagram Ventures, Torstar, Triangle Capital and NAVentures, the venture capital arm of the National Bank of Canada.

ClearEstate is a family finance hub that can save executors approximately 120 hours of their time and $8,500 in fees. An average North American estate settlement will cost families about $10,000. Adding to the burden is the probate process upon the death of a family member, which is most complex for the executor. They are responsible for completing a series of mandatory administrative tasks that Gauthier has described as “being audited by the IRS every month for 18 months,” the typical length of the process.

Despite the daunting tasks, new polling data from Maru Public Opinion for ClearEstate suggests about nine in ten North American adults appoint a person close to the family as estate executor. Nearly two-thirds of Americans polled (63%) described the loss of an immediate family member as one of life’s most difficult challenges, disrupting their personal and professional lives; among those appointed executors, nearly three-quarters (74%) agreed. This is where ClearEstate steps in.

With robust expansion plans throughout Canada and in the four most populous US states (California, New York, Texas and Florida), ClearEstate is growing its all-in-one estate asset management suite. The company also offers estate planning in advance, professional executorship services and bereavement benefits packages; an emerging trend among employers to further the financial security of employees amid a competitive recruiting environment.

Following this latest fundraise, ClearEstate’s growth trajectory will focus on extensive recruitment in both the US and Canada, as the company seeks empathetic, diligent and forward-thinking software engineers, full-stack web developers, estate professionals, and web sales and marketing specialists. All roles are expected to be remote.

“We are humbled to have the confidence of OMERS, an organization that values multi-stage growth for those preaching institutional change,” said ClearEstate CEO and co-founder Davide Pisanu, previously a senior vice president with Cirque du Soleil. “OMERS is an important addition to the team as ClearEstate builds a network of support for executors across North America. We are not just addressing a little-known consumer pain point with solid tech, we’re tackling an unjust system that saddles ordinary families with extraordinary amounts of paperwork at a time when they should be healing.”

“Because we exist to serve the half a million members of the OMERS pension plan, the emerging needs of an ageing population are always top of mind for us,” said Shawn Chance, Partner, OMERS Ventures. “We feel confident that ClearEstate’s team and technology are addressing a significant gap in the market by adding much needed transparency and ease to the estate planning and settlement process for the average person.”

As the largest wealth transfer in human history is expected in the coming years, ClearEstate will be calling on institutional partners across North America — governments, financial institutions, the courts, etc. — to once and for all optimize the estate settlement process, eliminating waste and offering families a more dignified, restful mourning period.

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