07 Apr, 2022, 07:00 ET
Funding will enable Trustworthy - The Family Operating System® - to bring family information management to every family in North America.
SAN FRANCISCO, April 7, 2022 /PRNewswire/ -- Trustworthy, the Family Operating System® where families can protect, organize and optimize their most important information, announced today that it has secured a US $15M Series A Funding round, led by Chicago-based Valor Siren Ventures. This brings total funding for Trustworthy to $19.7M.
Running a family is a full time job and in an increasingly digital first world, is even more complex. Digital transformation has rapidly increased the amount of information and related critical tasks that every family needs to manage, and this problem is growing.
- According to a recent report by Statista, the total amount of data created, captured, copied, and consumed globally reached 79 zettabytes in 2021 and is projected to grow to more than 180 zettabytes by 2025. That's the equivalent of 59.8 MB of data being created for every person online per minute.
- As the volume of personal data grows, many families struggle to manage their information and the associated costs. According to a recent Doxo INSIGHTS report, U.S. households spend over $4.4 trillion each year on bills (such as housing costs, utilities, phone service and more) of which $119 billion can be attributed to late fees, overdraft fees, the cost of identity fraud and bad credit. This averages out to $925 per household each year. Staying on top of these bills is, according to the report, the single largest determinant for consumer financial health.
- To avoid lost time and money families have cobbled together DIY systems of their own, using the analog and digital tools at hand (from files and folders to Excel spreadsheets and free cloud storage tools) but none of these solutions were purpose built to help families get the most out of their information.
Trustworthy has built The Family Operating System®, a secure and innovative online service that helps modern families overcome these challenges and protect, organize and optimize their important information, including (but not limited to):
- ID's (passports and drivers' licenses)
- Money (secure access to financial accounts)
- Property (leases, deeds, etc.)
- Estate Planning Documents (estate plans, living wills, etc.)
- Passwords (to all digital accounts, services)
- Insurance information (life insurance, health insurance, auto, home, etc.)
- Taxes (returns and supporting documentation
- Legal Forms (contracts, etc.)
- Emergency Instructions (for example, if a family member is incapacitated)
- and the Family Archive (digital photo albums, personal records, genealogy, etc.).
"Digital transformation now has a material impact on our day-to-day lives and families are struggling to keep up. This is a problem that will continue to grow as our lives become digital first." said Nathaniel Robinson, Trustworthy CEO.
"Trustworthy offers a beautifully designed product that is aiming to make a meaningful difference in people's lives," said Jon Shulkin, Fund Manager at Valor Siren Ventures and Co-President at Valor Equity Partners. "Trustworthy's Family Operating System® enables families to more easily manage their most important information leveraging best-in-class technology."
Trustworthy will utilize this fundraising round to help grow its fully distributed team, expand strategic partnerships and continue to improve the Family Operating System® on web and mobile platforms.
In addition to Valor Equity Partners, Trustworthy has raised seed funding from a broad range of investors - both individuals and firms - including:
- Upside Venture Partners
- The Operator Network
- Sonja Hoel Perkins, Founder of Project Glimmer and Broadway Angels
- Margo Georgiadis, former CEO, Ancestry.com
- Katherine August-deWilde, Vice Chair & Board Member, First Republic Bank
- Frederic Kerrest, Executive Vice Chairman, COO and Co-founder, Okta
- Mark Goines, former Vice Chairman, Chief Marketing & Strategy Officer, Personal Capital
- Haroon Mohktzarda, CEO and Co-founder, Truebill
"We built the Family Operating System® to address the growing informational needs of modern families much more effectively, and we're delighted by all of our investors' faith in our vision," said Robinson. "With their deep consumer expertise, Valor Siren Ventures is the ideal partner to bring Trustworthy to millions of families so they can run the business of life."
To learn more about Trustworthy, visit www.trustworthy.com. For interview opportunities or additional information, contact Josh Chaitin at [email protected].
Trustworthy is the Family Operating System®, the leading online service to help modern families protect, organize and optimize their important information. With Trustworthy, families are delightfully organized and completely prepared for all of life's moments, now and across generations.
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