Electric motorcycle manufacturer Cake from Sweden has announced they’ve raised a $60 million Series B which will help the company set up manufacturing facilities in Europe, North America and Asia. The round is made up of convertible notes of $14 million and a $46 million financing round.
The company recently launched the Makka, the electric vehicle designed for city riding, highlights a shift in direction of Cake’s product platforms compared to their initial vehicles meant for off-road riding and utility. The Makka helped Cake’s customer base.
“We are in the process of implementing initiatives to scale the business, structuring and laying the base for rapid growth,” said Stefan Ytterborn, founder and CEO of Cake.
The financing round was led by Swedish pension fund AMF. Notable investors in the round include Cake’s existing investor, Creandum and Headline, the two firms that participated in their $14 million Series A in 2019.
“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.” commented Staffan Helgesson, general partner at Creandum Advisor.