Cake Equity teams up with global tech unicorns to Pledge 1%
Gold Coast-based equity management platform Cake Equity has joined tech behemoths like DocuSign, Salesforce, Slack, Atlassian and Canva to Pledge 1% – a movement that sees companies donate 1 per cent of shares to philanthropic organisations.
The movement, co-founded by Australian software giant Atlassian, has so far seen members donate more than half a billion dollars ($USD) to deserving causes.
For Cake co-founder and CEO Jason Atkins, the decision to join Pledge 1% was an easy one, considering the entire business is about helping companies manage their equity, including by streamlining and automating the setup and management of employee share option plans (ESOP) and capital raises.
The company, currently part of Startmate’s Summer21 accelerator program, implemented its equity pledge through its own platform by creating a ‘Pledge 1% Option Plan’.
“The Pledge 1% initiative really aligns with our mission at Cake. We want to empower start-ups to use their equity to create a better world, and the Pledge 1% mission is so great at championing that,” says Atkins.
“We’re so glad to be working with Pledge 1% to help accelerate this movement in Australia. We really envisage the 1% equity pledge becoming a standard addition to any start-up cap table, just like an ESOP.
“While it’s true that exits are not guaranteed for a start-up, the value created by the Pledge initiative over in the US proves that the potential benefits for those in need here in Australia could be huge. We really see the value in encouraging all start-ups to participate.”
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