Aside from lead investor Gradient, Cake’s seed round saw participation from its pre-seed investor Primary Venture Partners, as well as Alumni Ventures, Friends & Family Capital, Correlation Ventures, and Firestreak Ventures.
The hitherto unannounced $10 million seed round, which closed back in April, is indicative not only of the founders’ backgrounds but also the company’s traction. Herscu said that the company is already looking toward its next financing round, with tentative plans to raise again around the middle of 2025.
“From a traction standpoint, we look more like a Series A company already. We were able to get there pretty quickly,” Herscu said. “When we go to the Series A, it’ll probably look more like a Series B.”