Cake secures $1.3m pre-seed funding for InsurTech startup.

February 19, 2024
1 min read

TLDR:

  • Cake, an InsurTech startup, has raised $1.3m in pre-seed funding to enhance its platform.
  • The platform connects independent insurance agents to facilitate seamless transactions for selling businesses or partial accounts.

Key Elements:

Cake, a transactional marketplace tailored for independent insurance agents, has successfully concluded a pre-seed funding round, securing a $1.3m investment. The funding will be used to enhance the platform, bolster customer acquisition efforts, and expand services such as in-platform lending and legal support.

The round was spearheaded by venture capital firm Markd, with participation from other strategic partners. Cake’s platform connects independent agents seeking to sell businesses or accounts with those looking to expand operations. The focus is on simplifying the buying and selling process for independent insurance agents.

Cake’s co-founder and CEO, Adam Bowe, emphasized the platform’s capabilities in adapting to the changing insurance landscape. The platform offers a unique opportunity for agents to buy and sell their books of business, with a focus on innovative technology and connectivity.

The platform prioritizes transparency, simplicity, and convenience, providing agents with instant and accurate valuations of their book of business through a machine learning-powered tool.

Conclusion:

Cake’s successful pre-seed funding round highlights the growing potential of InsurTech startups in the market. By focusing on addressing the unique needs of independent insurance agents and providing a platform for seamless transactions, Cake aims to revolutionize the way businesses are bought and sold in the insurance industry.

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