CAKE, a Swedish manufacturer of lightweight electric performance motorcycles, scooters and mopeds announced its latest round of fundraising closed at $60M. The fundraising comprises convertible notes of $14 million and a $46 million financing round.
The financing round was anchored by Swedish pension fund AMF, investing alongside a handful of new investors and with strong support from current shareholders, including Creandum and Headline, which are committed to continue to support the company on its growth journey.
“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.
Furthermore, CAKE Sites including showrooms, retail and service will start popping up in major cities, starting this fall.
CAKE was introduced in 2018, with series production bikes. With the focus on establishing a category of light, quiet and clean electric motorcycles, with performance and durability being the main objectives, the company continues to lead towards extended life cycles, efficiency and sustainable initiatives.
SEB Corporate Finance Growth acted as sole financial advisor and Hansen Law acted as legal advisor to CAKE in relation to the capital raising.
