The funding is set to include $14 million in convertible notes and a $46M financing round from investors such as pension fund AMF and several new investors who include shareholders like Creandum and Headline.
The founder and CEO of CAKE, Stefan Ytterborn, says the funds will be used to “help build a foundation for rapid growth” for the company:
Ytterbom adds that his company is in the process of implementing initiatives to scale the business, adding product platforms such as the compact Makka, expanding the user base and setting up manufacturing facilities in Europe, North America and Asia.
He says CAKE is also setting up showrooms, retail and service spaces in major cities starting during this fall.
“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,“ Ytterbom said.
The Makka is CAKE’s newest model and it was introduced in August.
CAKE also offers high-powered electric motorcycles, but the Makka line offers less performance and a lower price point. The Makka bikes do not require a motorcycle license to operate.
The Makka line is designed for city riding and features a 3.6 kW (4.8hp) motor.
The Makka Flex – the higher performance model of the two available in the Makka line – is priced at $3,800 and it’s capable of reaching a top speed of 28 mph (45 km/h). That makes it a “moped class vehicle” in terms of U.S. regulations meant to target anyone with a basic driver’s license.
A single battery in the Makka is rated for 48V and 31Ah (1.5 kWh), powering the 132 lb (60 kg) bike for a maximum range per charge of 31 miles (50 km).
As for other offerings, The CAKE Ösa is available in two different models with varying speed and power output options.
The Ösa is capable of reaching a 63 mph (100 km/h) top speed and driven with a 7 kW continuous, 10 kW peak motor. Transmission is accomplished using a Gates Carbon Belt Drive. Ytterbom says the Ösa was built primarily for utility while CAKE’s electric dirt bikes (Kalk) were designed for recreational users and higher speeds.