Check out the $ 3.7 million seed pitch deck from Death-Planning Startup Cake
The Internet has changed a lot in healthcare, but it hasn’t turned the opaque and sad process of end-of-life care on its head.
Suelin Chen realized this while working as a health technology consultant: while companies tried to use technology to make people’s lives longer, no one helped make the last few weeks or months easier for loved ones or patients. So she left IMS Health Capital in 2014 to start what is now Cake. On Wednesday, Cake raised $ 3.7 million in seed capital from AARP, InHealth Ventures, Two Lanterns and Portfolias Aging and Longevity Fund, among others.
Cake is essentially Tripadvisor for death, Chen said. Anyone can use Cake’s library of articles and other educational materials for free to explore topics like using an estate planner and formalizing a will. People can also use a premium version to start planning their terminal care and formalize their wishes with a personalized advisor.
The most popular age group of people using Cake for future planning are 25 to 34 year olds, Chen said. She added that in addition to the convenience of these age groups using online services, the COVID-19 pandemic has made it easier to talk about grief and loss because so many people have witnessed them firsthand.
“It really helped reduce the stigma and increase motivation for people to plan their affairs,” said Chen. “Losing people is a shared human experience that everyone goes through. These experiences feel really isolating, but people go through them all the time. “
Cake made its seed series pitch deck available to Insider. The deck was slightly modified from the original to remove information about Cake’s customers.