Exceeding expectations for the Swedish makers of light electric vehicles, CAKE completes a $60M fundraising for their series B.
Scaling from successful global start-up towards vehicle industry operator.
CAKE closes their latest round of series B fundraising, exceeding expectations and raising a total $60M from existing investors, and a handful of new investors.
The Swedish manufacturer of lightweight electric performance motorcycles, scooters and mopeds announces today that CAKE’s latest round of fundraising surpassed expectations and closed at $60M. The fundraising comprises convertible notes of $14M and a $46M financing round.
Lead by the Swedish pension fund AMF, investing alongside a handful of new investors and with strong support from existing shareholders including Creandum and Headline, who are committed to continue to support the company on its continued growth journey.
CAKE had recently announced the new Makka platform for a customizable utility moped, their lowest priced model so far. The Makka moped is another one of the platforms the company offers, on top of the Kalk and Ösa platforms.
“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 … CAKE is setting up manufacturing facilities in Europe, North America and Asia for sustainability and efficiency reasons, as we speak...”
“…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.”Stefan Ytterborn, Founder & CEO of CAKE.
CAKE have a track record for manufacturing great performance motorcycles, and after recently adding to the line of bikes the Makka electric moped, they have well positioned to offer a range of light vehicles while forming several partnering that will contribute to their growth.
The company announced several partnerships that will increase their reach, provide specialized and customized models for various purposes, and further increase their distribution. Starting with a partnership with Polestar, that will begin with showcasing CAKE motorcycles in their showrooms, and the companies present a limited edition Makka, fully branded with Polestar design.
Some of their less recent partnerships that happened earlier this year, include a partnership with West Coast EV, that will include a retail dealership, service center, and the very first CAKE US-Based test track. And a deal with M-Volvo Car Mobility, that will include mobilizing their entire service fleet.
CAKE also has a decorated wall of trophies, with more than a single award for each one of their previous platforms, the Kalk and Ösa. Now, with the recent unveiled Makka platform, we are certain they have room to add more awards for great innovation and their unique design style.
“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.”Conny Carlsson, chairman of the board at CAKE
With the funding planned to deploy towards the company’s rapid growth, and partnership that position them to benefit from their innovation, CAKE will use the $60M fundraising to take the next step in scaling up and building their worldwide network.
“Cake’s obsession with creating a superior user experience has been ingrained in the company’s DNA from day one and is something we can fully identify with. We are very happy to continue to support the team for the long term in their ambition to become the category leader in the premium two wheeler electric vehicle segment.”Staffan Helgesson, General Partner at Creandum Advisor