CAKE, the Swedish manufacturer of lightweight electric performance motorcycles, scooters and mopeds, has announced that its latest round of fundraising closed at $60M. The financing round was anchored by Swedish pension fund AMF, investing alongside a handful of new investors and with support from current shareholders including Creandum and Headline.
CAKE Sites including showrooms, retail and service will start popping up in major cities, starting later this year.
In 2019, CAKE launched the Kalk&, a street-legal motorcycle as well as Ösa+ and Ösa Lite, a utility platform with an integrated power station and off-road capabilities.
CAKE expanded into the race scene in November 2020, launching the Kalk OR Race and Kalk INK Race.
In September 2021, CAKE released a light city moped, the Makka.
Stefan Ytterborn, Founder & CEO of CAKE, says: “We are in the process of implementing initiatives to scale the business, structuring and laying the base for rapid growth. Aside from new product platforms, like the new and compact Makka expanding the user base, within B2C as well as B2B, CAKE is setting up manufacturing facilities in Europe, North America and Asia for sustainability and efficiency reasons, as we speak.
He adds: We knew we were entering a space with increasingly strong tailwinds when we got started back in 2016, but we couldn’t dream of the pace in which things are now happening, for the good of people, planet and business.”
Conny Carlsson, chairman of the board at CAKE, adds: “All of us working with Cake are proud of the development of the company. We are also happy to welcome our new and important investors. Together we can take a leap in developing the future for clean mobility.”
Patricia Hedelius, Portfolio Manager at AMF, comments: “We appreciate the opportunity to invest in one of Sweden’s most interesting companies within the field of electrification at this rather early stage. CAKE’s drive and go-ahead spirit is impressive, as is the ambitious plan to grow the company and offer sustainable transportation. The products can be important in the transition to a more sustainable society, and CAKE’s innovative design and solid custom focus has contributed to a strong market interest.”
In September, 2021, Polestar and CAKE released a new electric mobility bundle that combines the all-round road capabilities of the Polestar 2 with the inner-city convenience of the CAKE Makka.
Keyword: Swedish Electric Motorcycle Maker CAKE Closes $60 Million Fundraising