Angel Alerts Ltd, a Cambridge, UK-based web service that keeps online social network accounts, files and passwords stored and up-to-date in the event of death, raised £50k in equity crowdfunding.
27 backers acquired a 15% stake in the company via CrowdCube.
The company intends to use the capital to develop the business and expand sales and marketing efforts.
Co-founded by Paul Cook and Dinan Gunawardena, Angel Alerts provides an online repository for vital digital properties that lets users grant access to online assets for friends and loved ones in the event of loss, death, or disability. The service is sold primarily via Will Writing professionals, including solicitors, will writers and IFAs. The revenue model is based on a regular subscription fee from users, with a revenue share agreement with the affiliate seller (e.g. will writer).