Summary:
Libby Leffler launches First, an online prenup startup to help couples protect their assets.
First raised $4 million in a seed round led by Expa and Springbank.
Millennials and Gen Z are increasingly opting for prenups, with 47% of engaged millennials having one.
First offers customizable prenups that connect couples with attorneys, distinguishing it from competitors.
The initial cost for a prenup through First starts at $2,650.
The Rise of Prenups Among Millennials and Gen Z
Good morning! Gender plays a key role in the presidential election, the American Stroke Association addresses women’s risks, and millennials and Gen Z are getting prenups. Have a great Thursday.
– I do. Over recent years, Libby Leffler, former chief of staff to Sheryl Sandberg at Facebook, identified significant trends: women are outpacing men in earning college degrees, own more homes than single men, and are set to benefit from the upcoming $80 trillion Great Wealth Transfer. These observations led her to launch First, an online prenup startup aimed at helping couples navigate financial agreements before getting married.
What is First?
First currently provides a platform for couples in California to create prenuptial agreements online. The stigma around prenups is fading, making them more accessible to a broader audience beyond just the wealthy elite. Leffler envisions prenups becoming an “essential personal stack”, as routine as scheduling a mammogram.
Funding and Future Plans
Recently, First raised $4 million in a seed round, marking a significant step in its growth journey. The funding was led by Expa and Springbank, with contributions from Cleo Capital and Karman Ventures. Investor Sarah Kunst, who utilized the platform herself, noted that everyone should have a prenup, emphasizing that if you don’t write one, the government will.
Changing Perspectives on Prenups
Leffler highlights that millennials and Gen Z are increasingly open to prenups, as many have witnessed the pain of divorce firsthand. A 2023 Harris poll revealed that 47% of millennials engaged or married have opted for a prenup, viewing it as essential for protecting not just financial assets but personal belongings and responsibilities, such as student loan debts.
The Unique Proposition of First
First distinguishes itself by offering customizable prenups instead of generic templates, ensuring that each agreement is enforceable and tailored to the couple's needs. The initial cost for using the platform is $2,650, with potential additional charges for extra features.
Looking Ahead
The startup’s name, First, reflects its aim to be the initial legal agreement couples enter into together. Leffler is optimistic about expanding First’s offerings to other states and possibly into other areas, such as online divorce services, although specific plans remain under wraps.
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