Vanilla Closes New Funding Round with Support from Edward Jones

Vanilla, an estate planning software startup, announced a fundraising round headed by returning investor Insight Partners, with additional funding from Venrock, Vanguard, and other previous investors. The company also welcomed new investors Edward Jones Ventures, Edward Jones’ venture arm, and Alumni Ventures.

Vanilla was founded in 2019 by entrepreneur Steve Lockshin and has raised over $66 million to date. The company will use the new round of funding to extend its platform through the application of artificial intelligence.

“With the support of our investors, we are expanding our platform, including our pioneering AI technology, to make modernized estate planning accessible and efficient for all,” said Gene Farrell, CEO of Vanilla.

The company’s platform allows broker-dealers, investment advisors and other financial services companies to “cultivate deeper, more valuable client relationships, leading to greater retention” in assets under management.

Since its launch, Vanilla has experienced exponential growth, increasing its customer base tenfold. The company serves more than 10,000 end-clients with a net worth between $1 million and $1 billion, as well as client firms including Vanguard, Mariner Wealth Advisors, Balentine, and Avantax, the company said.