$1.5 billion valuation. $631 million revenue. 1 million users.
Sold for scraps. AUM collapsed 90%. Founders in court.
🇸🇬 Cake Group was Singapore's crypto success story. A profitable, founder-controlled fintech that rode the 2021 bull run without taking VC money.
By Q1 2022, they had a $1.5B SPAC deal on the table. $100M venture arm. IPO-ready.
Then the two co-founders went to war.
Not over strategy. Not over money. Over trust.
The CTO filed to wind up the company — not because it was broke, but because the relationship was.
The court ruled in the CEO's favour. Called Cake "a thriving enterprise of value".
Six months later, it was acquired for an undisclosed sum. AUM had collapsed from $1 billion to $80 million.
The product worked. The market eventually recovered.
The founders didn't.
Tonight at 8pm, I'm publishing the full breakdown:
- The 50/50 cap table trap that left no tiebreaker
- The "house token" mistake that made everything crash together
- Why neither founder could walk away — even when they both wanted to
🔗 Subscribe to get it when it drops → https://lnkd.in/gdDrhgtq
P.S. Choose your co-founder like you'd choose a spouse. Because when it breaks, it's just as ugly.
Sold for scraps. AUM collapsed 90%. Founders in court.
🇸🇬 Cake Group was Singapore's crypto success story. A profitable, founder-controlled fintech that rode the 2021 bull run without taking VC money.
By Q1 2022, they had a $1.5B SPAC deal on the table. $100M venture arm. IPO-ready.
Then the two co-founders went to war.
Not over strategy. Not over money. Over trust.
The CTO filed to wind up the company — not because it was broke, but because the relationship was.
The court ruled in the CEO's favour. Called Cake "a thriving enterprise of value".
Six months later, it was acquired for an undisclosed sum. AUM had collapsed from $1 billion to $80 million.
The product worked. The market eventually recovered.
The founders didn't.
Tonight at 8pm, I'm publishing the full breakdown:
- The 50/50 cap table trap that left no tiebreaker
- The "house token" mistake that made everything crash together
- Why neither founder could walk away — even when they both wanted to
🔗 Subscribe to get it when it drops → https://lnkd.in/gdDrhgtq
P.S. Choose your co-founder like you'd choose a spouse. Because when it breaks, it's just as ugly.
