Insurtech Cake, a transactional market for unbiased insurance coverage brokers, has competed a $1.3m pre-seed funding spherical.
The funding spherical for Cake was led by enterprise capital agency Markd. Extra members included 2ndF, Iridium Bloom, 101 Weston Labs, IIANC and different strategic companions.
Moreover, the closing of the spherical makes a step in direction of Cake’s imaginative and prescient of reshaping insurance coverage M&A, in addition to democratising it, and widening its attain to brokers throughout varied ranges.
Launched in 2021, Cake connects unbiased brokers aiming to promote complete companies or partial accounts with these eager to broaden operations or footprint.
Subsequent steps for Cake with its funding is to enhance its platform, construct buyer acquisition and broaden important companies.
“As we witness a shift away from non-public fairness dominance, our platform makes it progressively easier for brokers to adapt to the altering insurance coverage panorama. We provide a novel alternative for brokers to purchase and promote their books of enterprise, and even fractional gross sales with slices of their books, with one another.” says Adam Bowe, co-founder, and CEO of Cake.
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“Our concentrate on revolutionary know-how, connectivity, and unbiased brokers makes us distinctive.”
Parker Beauchamp, managing accomplice at Markd, famous: “I positive want this instrument had been accessible to me throughout my time in distribution. What a possibility for these making an attempt to scale or exit elements of or their complete companies quick and successfully. There’s a great quantity of scale for these in search of it earlier than they attain typical non-public fairness eventualities by shopping for and promoting books or slices of company companies.
“Adam and John constructed an answer that eases the method of liquidating belongings and fostering unbiased insurance coverage brokers’ strategic progress — an endeavor price investing in. Whether or not on the point of buying one’s first e book of enterprise, able to retire by promoting, or aiming to develop an present company, Cake may very well be a go-to platform.”
