19 February 2024

InsurTech startup Cake secures $1.3mn

Written By FinTech Alliance

InsurTech startup Cake secures $1.3mn

Cake, a transactional marketplace designed for independent insurance agents.

In brief:

- Launched in 2021, Cake’s platform connects independent agents aiming to sell whole businesses or partial accounts with those keen to expand their operations.

- $1.3mn pre-seed funding round was led by venture capital company Markd, but included sponsors 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific strategic partners. 

- Co-Founder and CEO, Adam Bowe, emphasises the importance of this tool, given the aging demographic among the industry’s principal agents.

What does this mean?

“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.” says Adam Bowe, Co-founder, and CEO. “Our focus on innovative technology, connectivity, and independent agents makes us exceptional.”

Read more here.

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