Cake, a somewhat off-the-wall Swedish manufacturer of ePTWs, has trousered $60m (£44.2m) in new finance, which will be used to establish production facilities in Europe, North America and Asia, as well as develop retail/service networks for its wares and extend product platforms.
With Cake’s Makka scooter and Freeride off-roader headlining a range already on the market, Cake raised the money in a pitch underwritten by Swedish pension fund AMF, which extended its own investment alongside current shareholders Creandum and Headline, and also attracted new investors.
Celebrating the success of this funding round, Cake chief executive Stefan Ytterborn said: “We are in the process of implementing initiatives to scale the business, structuring and laying the base for rapid growth. 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.”
AMF portfolio manager Patricia Hedelius added: “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.”