Insurtech startup Cake in enormous funding spherical

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 numerous strategic companions inside 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 levels of their careers.

With the funding, Cake plans to boost its platform additional, intensify its buyer acquisition efforts, and develop important providers, together with in-platform lending and authorized help.

Adam Bowe, Cake’s co-founder and CEO, highlighted the platform’s function in offering these brokers with an avenue to liquidate property effectively, thereby fostering progress throughout the impartial insurance coverage agent group.

“As we witness a shift away from non-public fairness dominance, our platform makes it progressively less complicated for brokers to adapt to the altering insurance coverage panorama. We provide a singular 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 mentioned.

What are your ideas on this story? Please be at liberty to share your feedback under.