Investment Rationale · Rampersand
Why the firm invested
Founders Kim and Jason developed Cake into a functional working product prior to seeking external funding.
Kim and Jason had built Cake as a working tool before raising a dollar.
Traction
Cake had already established product trust by serving hundreds of Australian startups prior to Rampersand's investment meeting.
When we met them, it already served hundreds of Australian startups. Product trust that deep is the hardest thing to build from scratch.
By 2024, Cake expanded its user base to over 650 global startup customers.
Passed 650 customers serving startups globally.
Investment context
Rampersand and LAUNCH co-led Cake's 2022 seed round to expand its global equity management tools.
LAUNCH (Jason Calacanis) and Rampersand co-led to scale Cake's global equity tooling.
What founders can learn
- What actually moved the decision: Rampersand wrote that Founders Kim and Jason developed Cake into a functional working product prior to seeking external funding.
- The traction evidence that carried weight: Rampersand wrote that Cake had already established product trust by serving hundreds of Australian startups prior to Rampersand's investment meeting.
Source and provenance
Investment Rationale published by Rampersand on rampersand.vc (first-party source). Read the original
