Swedish company CAKE Electric Motorcycles secures $ 60 million financing for electric motorcycles

The funding is expected to include $ 14 million in convertible notes and a $ 46 million funding round from investors such as the AMF pension fund and several new investors including shareholders like Creandum and Headline.

CAKE Founder and CEO Stefan Ytterborn says the funds will be used for “help lays the foundation for rapid growth“for the company.

Ytterbom adds that his company is implementing initiatives to scale the business, adding product platforms such as the compact Makka, expanding the user base and setting up facilities for manufacturing in Europe, North America and Asia.

He says CAKE is also setting up showrooms, retail and service spaces in major cities starting this fall.

“We knew we were entering a space with increasingly strong tailwinds when we started in 2016, but we couldn’t dream of the rate at which things are happening now, for the good of people, the planet and enterprises “, Ytterbom said.

The Makka is CAKE’s newest model and it was introduced in August.

CAKE also offers high power electric motorcycles, but the Makka range is less efficient and less expensive. Makka bikes do not require a motorcycle license to operate.

The Makka line is designed for city driving and has a 3.6 kW (4.8hp) engine.

The Makka Flex – the more capable model of the two available in the Makka line – is priced at $ 3,800 and is capable of reaching a top speed of 28 mph (45 km / h). This makes it a “moped class vehicle” in terms of US regulations intended to target anyone with a basic driver’s license.

A single battery in the Makka is designed for 48V and 31Ah (1.5 kWh), powering the 132 lb (60 kg) bike for maximum range per 31 mile (50 km) charge.

As with the other offerings, the CAKE Ösa is available in two different models with different speed and power output options.

The Ösa is capable of reaching a top speed of 100 km / h (63 mph) and is powered by a continuous motor of 7 kW and peak 10 kW. The transmission is carried out using a Gates Carbon belt drive. Ytterbom says the Ösa was built primarily for utility purposes, while CAKE’s electric mountain bikes (Kalk) were designed for recreational users and higher speeds.

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