Estate wealth tech platform Vanilla gets a boost from Edward Jones

Estate planning software company Vanilla has closed a new funding round to expand its platform and accelerate adoption among financial advisors.

Led by returning investor Insight Partners, the round also saw participation from Venrock, Vanguard, and new investors Alumni Ventures – which also figured in Savvy Wealth’s recent $15.5 million series A funding – and Edward Jones Ventures, also known as EdVentures, the VC program launched by Edward Jones earlier this year.

“As we accelerate our efforts to revolutionize how advisors, planners, and attorneys approach estate planning, we are excited to deepen our partnership with Insight Partners, Venrock, and Vanguard, as well as to welcome Edward Jones,” CEO Gene Farrell said in a statement Thursday.

Billed as the world’s first estate advisory platform, Vanilla has positioned itself as a leading tech player in the $221 billion estate planning industry.

With backing from investors like NBA legend Michael Jordan and former Vanguard CEO F. William McNabb III, the company’s technology is now used by major firms, including Mariner Wealth Advisors and Avantax, to offer tailored estate planning services at scale.

“Vanilla has built an enterprise-grade platform to deeply integrate into an advisor's stack and handle all the complexities of estate planning, all while giving their end clients an intuitive, approachable planning experience,” said Jon Rosenbaum, managing director at Insight Partners, one of the investors backing Vanilla.

The latest capital infusion will support Vanilla’s continued growth and the development of its AI-powered tools aimed at streamlining estate planning across wealth levels.

The funding arrives as estate planning technology is gaining momentum within the wealth management industry. According to the latest T3 survey, the adoption of estate planning software among advisors has surged by 259 percent over the last two years.

Since its founding in 2019 by serial wealth tech entrepreneur Steve Lockshin, who also invested in big ventures like Convergent, Advizent, and Wealthbox, Vanilla has pushed itself to the forefront of this trend. Currently it boasts over 10,000 clients, with more than 12,500 estate documents visualized and mapped on its platform, ranging from simple estates to complex estates for ultra-high-net-worth individuals.

“With the support of our investors, we are expanding our platform, including our pioneering AI technology, to make modernized estate planning accessible and efficient for all,” Farrell said.