Digital first, consumer-centric, modern funeral solution

Security Type
Convertible Note
Min Investment
Portland, OR
Offering Date
May 23, 2020
Expected Close Date
July 11, 2020
Target Raise
Deal Notes

Round type: Seed Round size: US $1,200,000 Minimum investment: US $1,000 Target Minimum: US $500,000 Raised to date: US $1,000 US $1,000 (under Reg CF only) Security Type: Convertible Note Conversion discount: 20.0% Interest rate: 4.0% Note term: 22 months

Company Description

Digital first, consumer-centric, modern funeral solutionWhen a death happens, the funeral experience itself can be an unwelcome surprise - the sheer number of decisions, the urgency of it all, the expense at every turn - when you’re least equipped to handle it. Unfortunately, the established funeral industry preys upon this vulnerability with predatory, confusing and misleading sales tactics. It is an industry frozen in time, where business is mostly conducted in person, paperwork done by hand and fax machines still the norm. The optimal family experience is at best, an afterthought. Clearly, the funeral industry is ready and ripe for disruption.Based on personal experience of losing a loved one and our professional consumer-centric experience from careers at Nike, we knew there had to be a better way.Enter SOLACE – leading deathcare into the digital age. A simple, modern and honest alternative to traditional funeral experience designed starting with the family. Solace is a direct-to-consumer direct cremation provider. A direct cremation is a cremation without viewing or service and is by far the leading choice - and growing every year - for families. We offer one all-inclusive price, digital and secure paperwork, no up-selling and arrangements made from anywhere, anytime with our mobile-friendly online process. To fulfill the cremation, we have best-in-class partners who handle the removal, cremation and return of remains as a white label extension of our team.  With the Covid-19 pandemic, digital, low-touch solutions are gaining traction and we have have seen a noticeable increase in traffic, pre-arrangements, and case volume.  We are built for this new 'normal'.Our vision is to use the power of design to make a difficult time easier for people by demystifying the experience, removing the pain points and obsessing family care. We are on a mission to bring deathcare into the 21st century. 

Key Deal Facts

Over 225 families served and over $225,000 in revenue to date
+50% case growth in Q1 2020 vs. Q4 2019
165+ average daily unique visitors to the site during Q1 2020
Reduced CAC by over 30%, March 2020 vs. 2019 monthly average
5-star Google rating

Use of Proceeds

California Market Entry: 50 - 75%

Digital Marketing Hire: 15 - 25%

Planning/Urns/Celebration: 0 - 15%

Tech Lead Hire: 0 - 20%

Management Team / Advisory Board Bios

Keith Crawford
Creative Director, VP of Design. 20+ years of brand building experience at Nike and Anomaly. Shapes Brands,  Inspires Narratives, Engages Consumers.Game changing Entrepreneur and Creative Director who uses the power of good design as a business strategy to help brands innovate and be successful. Brings experiential awareness and creative acumen to solving business problems; concepting and shaping the visual language, narrative and consumer experience. A curious and active explorer and innovator with the intuition to determine product positioning and communication strategies. Savvy in all aspects from concept to launch; develops product creative direction, guides the voice of marketing campaigns and frames the executions across ecosystem to grow a loyal and engaged consumer base.

David Odusanya
Creative Director, VP of Design at Nike. 20+ years of building brand and managing global operations. An inspired entrepreneur & creative catalyst who employs the power of design to innovate, challenge and unlock consumer-centered concepts that transforms both disruptive brands. Held executive leadership roles in both Nike’s world class Marketing & Product Design teams and worked closely with creative and business partners to author the vision for an iconic brand.

Jeremy Frank
20+ years of strategy and operational leadership in consumer products, financial services and management with Deloitte, Allstate and Nike. Consumer-focused senior leader with extensive experience in general management, strategy, planning and partnerships.Proven track record of leading and inspiring cross-functional teams to deliver clear strategic visions, executable marketplace strategies, new business opportunities and growth. Driven by forward thinking problem solving, continuous learning and talent development. MBA.

Deal Notes

Round type: Seed Round size: US $1,200,000 Minimum investment: US $1,000 Target Minimum: US $500,000 Raised to date: US $1,000 US $1,000 (under Reg CF only) Security Type: Convertible Note Conversion discount: 20.0% Interest rate: 4.0% Note term: 22 months

Amount Raised : $171,700
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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