Cake, a transactional marketplace tailored for independent insurance agents, has successfully concluded a pre-seed funding round, securing a $1.3m investment.
Backed by this tranche, Cake plans to enhance its platform further, bolster customer acquisition efforts, and expand critical services, such as in-platform lending and legal support.
The round was spearheaded by venture capital firm Markd, with participation from 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific strategic partners.
Cake, established in 2021, operates a platform that connects independent agents seeking to sell entire businesses or partial accounts with those aiming to expand their operations.
The platform facilitates seamless transactions, offering a solution tailored to the unique needs of independent insurance agents.
Cake’s co-Founder and CEO, Adam Bowe, spoke enthusiastically on his platform’s capabilities. He said, “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. Our focus on innovative technology, connectivity, and independent agents makes us exceptional.”
Parker Beauchamp, Managing Partner at Markd, added, “I sure wish this tool had been available to me during my time in distribution. What an opportunity for those trying to scale or exit parts of or their entire agencies fast and effectively. There is a tremendous amount of scale for those seeking it before they reach typical private equity scenarios by buying and selling books or slices of agency businesses. Adam and John built a solution that eases the process of liquidating assets and fostering independent insurance agents’ strategic growth — an endeavour worth investing in. Whether on the brink of acquiring one’s first book of business, ready to retire by selling, or aiming to grow an existing agency, Cake could be a go-to platform.”
Cake is committed to simplifying the buying and selling process of books of business for independent insurance agents. The platform prioritises transparency, simplicity, and convenience, providing agents with instant and accurate valuations of their most crucial asset—their book of business—through its machine learning-powered Book Valuation tool.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
