FRisk secures further private equity investment AND national media partnership
FRisk is a cloud-based software service that has one goal: to reduce the number of people dying or losing capacity without proper protection in place for their family.
We’re delighted to announce that FRisk has received further significant private investment: this is to fund a nationwide launch of FRisk following a partnership agreement with a national media network – more information on this exciting partnership coming soon.
Martin Holdsworth, founder of IDR Law and Co-owner of FRisk, comments: “There are too many people dying without a will – approximately 60% of the adults in the UK do not have a will in place – too many people having to deal with the financial and emotional heartache of an unplanned will and too many probate claims as a result.
When I set up IDR Law in 2017, I knew we would be busy resolving inheritance disputes and, having grown from 1 to 14 over the last 3 years, that is certainly the case. I also set up Metrona Technologies at the same time (a non-law firm) with the sole goal of finding ways to reduce the number of families getting involved in inheritance disputes in the first place.
Metrona Technologies is a R&D company exploring new ways to harness LegalTech in the wills and probate sector to reduce the number of inheritance disputes on death. I know this sounds like commercial suicide for IDR Law, but I took the view that there will always be a large proportion of the UK that will still choose to live without estate planning and get involved in disputes and that has proven to be the case. One of our solutions was a concept that if you could personalise and communicate the effect of an unplanned death on a family in life, then that would educate and empower them into taking action in life to avoid such a disaster – this idea developed into the business that is now called FRisk (Family Risk). FRisk operates through a standalone company. Having successfully trialled the Beta version of the FRisk website, we’re in the process of upgrading it, before a nationwide launch with our nationwide media partner in April 2021 – the further private investment we have just received is helping fund that and the private investor also brings valuable insight on dealing with the scaling of a business such as FRisk. We’re currently talking to partners to which FRisk referrals can be sent.”
FRisk takes users through a data-gathering exercise (of only 5-10 minutes) and then gives you a personal snapshot of the risks to your family – that you would have left behind for your family to sort out – if you had died yesterday. FRisk deals with what happens to any children, property, pets, digital assets, tax, the cost of funerals, the impact of losing capacity without an effective LPA in place, and more.
The FRisk report is entirely free!
Our research shows that the vast majority of wills have been executed as the result of some kind of mortality event that has been experienced, such as the death of someone close or having a serious illness. We also know that the effects of a mortality event do not last – people lead busy lives and it’s natural for us to push any thoughts of what would happen on our death to the back of our minds. To try and prevent the effects of their personalised FRisk report wearing off an individual, the report has a one-click link to our panel of our screened and recommended providers who are ready to offer a fast and efficient service to fix any parts of death or incapacity planning that may be missing.
10% of all FRisk’s net profits go to the charity Grief Encounter, which supports bereaved children and their families.
If you are interested in knowing more about FRisk and for an alert on its forthcoming launch, please get in touch at [email protected] .
IDR Law is an approachable, boutique firm and the only one in the country dealing solely with inheritance dispute resolution. Whether you’re a law firm, or an individual who feels they would benefit from our expertise, get in touch here, email us at [email protected] or call on 01423 637050.