Press release | Stockholm – Sweden | CAKE, the Swedish manufacturer of lightweight electric off-road performance motorcycles, announced that CAKE’s latest round of fundraising surpassed expectations and closed at $14M. The considerably oversubscribed round, led by Creandum, included global fund e.ventures, in addition to a strong backbone of existing investors and a limited number of very specific and peak competence specialists.
”This is a giant step for CAKE, hooking up with leaders in their trade, and aside from the capital injection nursing our way forward sharing in-depth competence and experience. The ability to accelerate is timely, just having launched the street certified Kalk& model for North America and Europe, as well as launching the next model Ösa, a more commuter oriented vessel, during fall,” says Stefan Ytterborn, Founder & CEO of CAKE.
CAKE’s mission to contribute to speeding up the transition towards a zero emission society by combining excitement and responsibility, has been making waves throughout the industry since launch in January 2018. Currently producing and shipping the Kalk OR and Kalk&, both bikes are developed from scratch to be ultra lightweight with unprecedented reliability and durability, offering industry-leading performance and countless riding possibilities.
“It is inevitable that there will be a major paradigm shift in transportation. The electrification of vehicles is a big part of this and we see consumer adoption accelerating rapidly. The combination of award-winning Scandinavian design, product innovation and a stellar entrepreneur makes CAKE a great addition to Creandum funds’ portfolio of mobility companies such as Voi, Bolt, Ree and Distribusion. We are excited to support their mission to speed up the journey towards a zero emission society, something everyone at Creandum is very passionate about,” says Staffan Helgesson, General Partner at Creandum Advisor.
“With Stefan’s previous experience in building premium brands like POC, we believe the team behind CAKE is perfectly positioned to create a new premium segment in the electric utility and urban commuter market,” says Jonathan Becker, Partner at e.ventures.
CAKE is a Swedish company with a clear mission to inspire and speeding up the transition towards a zero emission society, while combining excitement and responsibility, by developing light, quiet, and clean high performance electric off-road motorcycles. Its first model, the Kalk, debuted at Denver’s OR and Munich’s ISPO shows in January 2018, and has received numerous accolades, including being recognized as “Best in Show” by several outdoor industry publications.
Creandum Advisor is a leading European early-stage venture capital firm backing some of Europe’s most successful tech companies including Spotify, iZettle, depop, and Klarna and small Giant Games. The Creandum Advisor has offices in Stockholm, Berlin and San Francisco. For more information, please visit www.creandum.com
e.ventures is a global venture capital platform founded in 1998 with an investment focus on early-stage consumer internet and software companies. The management team is spread globally in order to focus on supporting all the portfolio companies wherever needed and invests out of dedicated funds in the U.S., Europe, Brazil, China, and Japan. e.ventures’ portfolio comprises various disruptive industry leaders such as Acorns, Shipt, Segment, Sonos, The RealReal, NGINX and Farfetch. For more information, please visit www.eventures.vc