Queensland takes a piece of Cake to grow jobs in local start-ups
Published Friday, 23 December, 2022 at 11:00 AM
Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick
Gold Coast-based software start-up Cake Equity will strengthen their technology support platform and double their local staff team with the help of the first investment from the Palaszczuk Government’s new Enterprise Acceleration Fund.
Treasurer and Minister for Trade and Investment Cameron Dick said the Queensland Investment Corporation-managed Fund is all about increasing access to capital for growing Queensland start-ups, helping them expand and create new jobs.
“To help emerging Queensland companies, last month I announced our Government’s initial investment of $24 million in the new Enterprise Acceleration Fund which will invest in innovative, early-stage businesses who need investment capital to grow,” the Treasurer said.
“Our first investment through the Fund will support the continued growth of Gold Coast-based Cake Equity, which offers a cloud-based software-as-a-service to help start-ups issue and manage capital to investors and employees.
“Founded in 2018, Cake Equity’s products replace traditional spreadsheets and PDFs with digital solutions to simplify the equity-raising process.
“Their services cover everything from digital e-signing and fundraising, to document storage, employee and shareholder communication, and legal templates.
“Cake’s offering is designed to grow as their client grows from the early start-up phase to maturity.
“With our investment, Cake Equity expects to double its current Gold Coast team from 14 to over 30 staff over the next three years.
“The company intends to pursue growth opportunities by expanding their technology platform and marketing and sales capabilities internationally.
“Cake Equity’s customer base already includes established Queensland companies VALD and Gilmour Space Technologies.
“Our investment in Cake Equity is part of their SAFE Note financing round which involves Australian early-stage investor Rampersand and the Launch VC fund.”
Cake Equity co-founder Jason Atkins said the Queensland Government’s investment would help continue the company’s global growth.
“Cake is grateful for the support of the Queensland Government’s Enterprise Acceleration Fund, which helps us build a powerful global technology company based on the Gold Coast that already helps 100,000 investors and employees across 79 countries manage their equity - and is growing fast!” Mr Atkins said.
The Treasurer said the Enterprise Acceleration Fund builds on the success of other capital programs managed by QIC, including the $100 million Business Investment Fund.
“The Business Investment Fund invests in established Queensland businesses to help them innovate and realise their potential, stimulating new job creation in Queensland,” Mr Dick said.
“This includes investing in youth travel experience company Travello, which is Australian’s leading tour and travel experience brand for millennials.
“With the Queensland Government’s backing, Travello will expand their operations to meet growing domestic and international demand for tourism experiences and expect to triple their existing team of 22 to 75 staff by the end of 2026.”
For more information about the Queensland Government’s investment support for Queensland businesses, visit https://www.qic.com.au/bqbif.
Media contact: Geoff Breusch 0417 272 875