Sweden’s electric motorcycle maker CAKE walks into $60 million in new funds

dan@tech.eu

For all the attention electric cars get, it’s sometimes easy to lose sight of those “other” modes of transport that require a license and registration. And yes, I’m talking about my preferred mode of transport, motorcycles (or scooters, or mopeds).

While my beloved Ducati Monster Dark sits in the garage gathering dust, Stockholm-based CAKE has let the clutch out on $60 million in new funds, $14 million in convertible notes (debt financing), and $46 million in financing. The new octane (or lack thereof) is expected to aid CAKE in scaling, structuring, and providing a solid base for 0 to 60 growth.

Picking up the kickstand in 2016, CAKE finds itself in a rather fortunate position, one that was greatly accelerated by the pandemic, in part due to our collective rethinking. Launched in 2018 and releasing its first series of production bikes in 2019 with a clear focus on performance-based light, quiet, and clean electric motorcycles, CAKE has been on a roll ever since, winning award after award, and steadily building a community of riders that could border on cultish.

The startup’s funding is provided via Swedish pension fund AMF, with a number of undisclosed new investors also joining the revolution. Existing investors including Creandum and Headline also continued their support.

Creandum’s Staffan Helgesson commented, “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.”

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