Social investing site Cake Financial raises $1.26M more
Cake Financial, a social networking site for investing, is raising a $1.5 million addition to its first venture round, with $1.26 million raised so far.
San Francisco-based Cake allows users to import their portfolio data from multiple brokerages, and to follow the investments of other users on the site, especially those whose investments doing particularly well. The site’s big selling point is the quality of its top 1 percent of users, also known as the "elite" (hey, I didn’t come up with the name). Cake’s elite have continually outperformed market indices, with a return of 3.5 percent in January, compared to a loss of 8.6 percent loss for the S&P 500, an 8.8 percent loss for the Dow Jones, and a 4.9 percent loss for for the NASDAQ. (Average Cake users lost 7.2 percent.) Cake plans to eventually sell data about its top members’s habits to institutional investors.
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