Equity Trustees Invests A$5 Million in Willed, Lifting Estate Platform to A$100 Million Valuation

Equity Trustees invested A$5 million for a 5 percent stake in Willed Technologies, valuing the Australian estate planning platform at A$100 million. The broader round totaled just under A$10 million, Startup Researcher reported on October 19, 2026. Ellerston Capital, Paul Dwyer and co-founder Dave Kaplan also participated.

Equity Trustees Takes 5 Percent of Willed

Equity Trustees committed A$5 million for a 5 percent stake, implying the A$100 million valuation. Willed was last valued at around A$60 million in a 2024 funding round. The company is already backed by Ashok Jacob's Ellerston Capital and PSC Insurance founder Paul Dwyer. Seven West Media made an investment of A$3 million in 2024, a stake that has since been sold to private equity firm LVP. Morgans' Hugh Robertson is also an investor, and Morgans ran the new capital raising.

The investment includes an exclusive five-year mutual referral agreement covering selected executor and trustee services. Willed will refer customers of its online platform to Equity Trustees in exchange for a distribution fee, while Equity Trustees will direct certain clients to Willed for probate services. Equity Trustees also gains the right to nominate a non-executive director to the Willed board.

Founded in 2020 by Dave Kaplan, Aaron Zelman and Tim Glasson, Willed helps users create wills and powers of attorney, apply for probate, arrange funerals and make bequests. The company has assisted around 200,000 Australians since inception. It plans to use the fresh capital to expand into independent executor services and virtual safes that store digital information for family members after a death.

Equity Trustees Managing Director Mick O'Brien said more than half of Australian adults do not have a valid will in place. He described the arrangement as a combination of accessible digital estate planning services and specialist executor and trustee expertise. Willed Founder and CEO Dave Kaplan said the partnership strengthens the company's offering by connecting customers with enhanced support throughout their estate planning journey.

Equity Trustees' Fund Administration and Trustee Moves

According to akta.pro company records, Equity Trustees reported $284 billion in funds under management as of February 19, 2026, and manages more than 750 charitable funds. The firm distributed $170 million in fiscal 2025 through more than 4,800 grants. In May 2026, Equity Trustees launched the Royal London Global Equity Diversified Fund and three additional Australian active funds with approximately A$1 billion in assets, with SS&C Technologies providing administration and registry services.

Equity Trustees' Recent Results and Relocation

Equity Trustees reported fiscal 2026 results on August 27, 2026, with continuing operations net profit up 32.7% to $33.9 million and revenue up 9.4% to $167 million, while group profit fell 20.5% to $26.4 million, Investing.com reported. Equity Trustees Limited relocated its registered office and principal place of business to Level 22, 530 Collins Street, Melbourne, effective August 17, 2026, Kalkine reported.

Willed's Referral Agreement Terms

The five-year mutual referral agreement covers selected executor and trustee services.