It has its sights set on the M&An area
Insurtech startup Cake has efficiently closed a $1.3 million pre-seed funding spherical, spearheaded by the enterprise capital agency Markd.
The funding spherical additionally noticed contributions from 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and varied strategic companions throughout the insurance coverage sector.
This monetary milestone propels Cake, a transactional market for impartial brokers, in direction of its objective of remodeling insurance coverage mergers and acquisitions (M&A), making it extra accessible and democratic for brokers at completely different phases of their careers.
With the funding, Cake plans to boost its platform additional, intensify its buyer acquisition efforts, and increase very important providers, together with in-platform lending and authorized help.
Adam Bowe, Cake’s co-founder and CEO, highlighted the platform’s position in offering these brokers with an avenue to liquidate property effectively, thereby fostering progress throughout the impartial insurance coverage agent neighborhood.
“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,” Bowe stated.
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