A Scottish digital legacy firm has secured a £300,000 investment, with Velocity Capital leading the way, alongside Scottish Enterprise and private funders.
The funding will support product development and a series of hires at Biscuit Tin, the company founded by East Lothian entrepreneur Sheila Hogan.
Its aim is to transform end-of-life management, with the business securely holding valuable life information, including account details, key documents, after-life wishes and treasured memories.
She named the business after the cookie jar her parents kept all their important documents, notes and photos in.
Kirsten Gohl, Partner at Velocity Investment, said, “Velocity is thrilled to be working with Sheila as she tackles a very real problem; manage the end-of-life planning process through a user-friendly digital vault, making it simple and easily accessible.
Hogan commented, “The end-of-life process has become complicated and stressful due to the shift from an analog to a digital world – such legacy planning is intended to replace more traditional and outdated practices, and we want to be at the at the forefront of this in the UK.
Biscuit Tin targets both consumer and business-to-business markets, with a number of commercial partnerships expected to be announced in 2022.
The company plans to embark on an additional round of investment over the next 12 months.
Hogan added: “As well as having an offering for individuals, we are increasingly reaching out to financial services players in areas such as life insurance, mortgages and pensions, with a view to creating joint ventures or white labeling our product so that these type of vendors can increase value and engagement with their customer base.
Biscuit Tin appointed an advisory board last year, featuring tech veteran Iain Mackay; Andy Robinson, former Scottish leader of Deliveroo; and former ZoneFox CTO Matt Little, who now backs Hogan and his team.
Mackay, who was recently named non-executive director and chairman, added, “Biscuit Tin is well positioned to take advantage of the evolution of end-of-life planning in an increasingly digital world.
“And in Sheila the business has a passionate founder who spotted a high growth market segment that has been underserved in the UK context – we believe this makes Biscuit Tin an attractive proposition for individuals and groups of financial services.”
Biscuit Tin launched in 2020, and the company won Innovate UK funding later that year.
Hogan, who is due to appear in the next episode of the BBC reality show Dragon’s Den this Thursday, is a former president of the Scottish Businesswomen’s Association.
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