Memori, a Brunei-based startup that digitises legacy planning, has secured an undisclosed amount of additional investment from members of an Asian royal family as it preps for its soft launch next month.
The firm, which was established in August 2018, provides a digital asset storage and a digital platform that simplifies the process of preparing for one’s death, from creating wills, insurance polices and memorial services to recovering social media and email passwords.
The system uses blockchain technology to safely store the user’s digital assets (e.g social media and email accounts passwords) and pre-select the beneficiaries when a user passes on.
Memori will use the funds from the second seed round of investment to expand its operations in Singapore and Malaysia. The firm is looking at seizing the regional market, where bereavement-related services are traditionally expensive and difficult to navigate.
Queenie Chong, who co-founded the startup after experiencing difficulties in navigating arrangements following her grandparents’ death, said that 80 per cent of Southeast Asia’s population do not have wills.
“It is a social taboo to talk about the end of life and the misconception about the complexity and cost of the process,” said the CEO.
Through Memori’s website, customers will be able to engage certified professionals to write their wills starting from $99 – significantly less than the market rate of $600.
Memori secured its first seed investment of US$100,000 from 113 Venture Growth Fund late last year.
The firm was selected as one of the top startups in the fourth cycle of Darussalam Enterprise’ (DARe) accelerate programme facilitated by Singapore’s Golden Equator.
It has also garnered interest in regional startup competitions, becoming a finalist in the Echelon APAC TOP100 and Alpha Startups: Fintech Edition by 1337 Ventures.
Recently the startup made the top ten at the Techsauce Global Summit Startup Pitch Championship in Bangkok and was awarded the crowd favourite at the event.