Cake raises $1.3 million

Cake, an insurance startup helping agents sell their book of business, has raised $1.3 million in a pre-seed funding round led by Markd, with participation from 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and others.

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

“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.” – Adam Bowe, co-founder, and CEO of Cake.

“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 endeavor 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.” – Parker Beauchamp, Managing Partner at Markd.