The internet has changed a lot about healthcare, but it hasn’t yet upended the opaque and grief-ridden process of end-of-life care.
That was what Suelin Chen realized as she was working as a healthcare-technology consultant: While companies were trying to use technology to extend peoples’ lives, no one was helping to make those last weeks or months any easier for loved ones or patients. So in 2014, she left IMS Health Capital to start what is now Cake. On Wednesday, Cake raised $3.7 million in seed funding from AARP, InHealth Ventures, Two Lanterns, and Portfolia’s Aging and Longevity Fund, among others.
Cake is essentially the Tripadvisor for death, Chen said. Anyone can use Cake’s library of articles and other educational materials for free to explore topics such as how to use an estate planner and how to formalize a will. People can also use a premium version to begin planning their end-of-life care and to formalize their wishes with a personalized consultant.
The most popular age group of people using Cake to plan for the future consists of 25- to 34-year-olds, Chen said. She added that, aside from that age groups’ comfort with using services online, the COVID-19 pandemic made it so that grief and loss became easier to talk about because so many people had experienced it firsthand.
“It has really helped reduce the stigma and increase motivation for people to plan their affairs,” Chen said. “Losing people is a shared human experience that everyone goes through. These experiences feel really isolating, but people are going through them all the time.”
Cake provided its seed-series pitch deck to Insider. The deck was slightly modified from the original to remove information about Cake’s customers.
See the 10-slide pitch deck that Cake used to raise $3.7 million for its end-of-life-care software.
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