InvoCare-backed funeral tech biz in equity raise
A funeral digital memorial business with a chunky list of high-profile backers is rounding up investors for an equity injection.
Morgan Stanley’s former wealth management boss Ian Chambers oversees the business which is seeking fresh funds. Rob Homer
Memories Group is seeking up to $8 million to accelerate its international expansion to the US and the UK over the next year to develop its product suite.
The raise is being done via convertible notes with a 12.5 per cent compound interest. TPG’s InvoCare is coming on as the lead strategic investor in a follow-on capacity. High-net-worth individuals are expected to account for the bulk of interested parties.
Current shareholders include former Fairfax Media chief executive Greg Hywood, Rich List garbo-turned-yacht broker Ian Malouf, Melbourne’s real estate industry veteran Jack Bongiorno, fund manager Phil King and Betr chairman Matthew Tripp.
Memories Group was founded by Grant Griffiths in 2014. Former Morgan Stanley Wealth Management boss Ian Chambers took over the group in July after Griffiths’ passing.
The company helps families celebrate and preserve the life story of a loved one before, during and after the funeral service. It offers funeral operators a white-labelled set of services including an online obituary writer and publisher, video tribute builder, live-streaming, and digital guest book, all feeding into a digital memorial.
Former Comcast Corporation executive and Sky News contributor Kosha Gada was appointed chief executive in March.
Memories last raised $25 million from investors in 2021 but has undergone a pivot from a direct-to-consumer business to distributing via funeral arrangers. InvoCare and its brands like White Lady Funerals and Simplicity Funerals
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