Insurtech startup Cake in huge funding round

Insurtech startup Cake has successfully closed a $1.3 million pre-seed funding round, spearheaded by the venture capital firm Markd.

The funding round also saw contributions from 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and various strategic partners within the insurance sector.

This financial milestone propels Cake, a transactional marketplace for independent agents, towards its goal of transforming insurance mergers and acquisitions (M&A), making it more accessible and democratic for agents at different stages of their careers.

With the funding, Cake plans to enhance its platform further, intensify its customer acquisition efforts, and expand vital services, including in-platform lending and legal assistance.

Adam Bowe, Cake’s co-founder and CEO, highlighted the platform’s role in providing these agents with an avenue to liquidate assets efficiently, thereby fostering growth across the independent insurance agent community.

“As we witness a shift away from private equity dominance, our platform makes it progressively simpler for agents to adapt to the changing insurance landscape. We offer a unique opportunity for agents to buy and sell their books of business, or even fractional sales with slices of their books, with each other,” Bowe said.

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