E-motorcycle manufacturer Cake raises USD 60 Mn in Series B funding
Category: #business  By Nikita Chaurasia  Date: 2021-09-28
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

E-motorcycle manufacturer Cake raises USD 60 Mn in Series B funding

Cake, a Swedish electric motorcycle manufacturer has reportedly secured USD 60 million in a Series B funding round. The company intends to use the fresh funds to develop manufacturing facilities in Asia, America, and Europe, and to upscale its retail capacity.

Founder and CEO of Cake, Stefan Ytterborn was quoted saying that the company has been implementing strategies to scale the business while also focusing on laying and structuring a base for rapid growth. He further added that the company is gearing up to expand its retail presence by setting up numerous showrooms across major cities.

The funding round consisted of convertible notes of USD 14 million and a USD 46 million funding round, with the latter being led by Swedish pension fund AMF. The event also witnessed participation from existing stakeholders Creandum and Headlines, along with a handful of new investors.

Staffan Helgesson, the General Partner at Creandum Advisor, stated that Cake has always tried to create a superior user experience, which makes it a great fit for the venture capital firm. Creandum is elated to support the e-motorcycle maker in their ambition to become a leading premium electric two-wheeler manufacturing company, he added.

Notably, Cake’s new manufacturing facilities across three continents will fulfill its aim of shipping vehicles direct-to-consumer globally, making the distribution process more efficient and sustainable.

Previously, the bikes had to be assembled in Taiwan and shipped in containers with a 25-unit capacity to warehouses in Europe, Canada, and the U.S., or directly to consumers in Australasia.

With the new manufacturing units, the Swedish EV maker will be able to ship at least 150 bikes per container to Northern American or European facilities and decrease shipping volume by over 80%.

Cake will reportedly be able to assemble an order with at least two weeks delivery time instead of ordering eight months beforehand, denoting a shift from the previous cash flow heavy and high inventory risk structure.

Source credits:

https://techcrunch.com/2021/09/27/e-motorcycle-maker-cake-closes-60m-round-to-scale-production-and-retail-sales/

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Swiggy planning to invest USD 700 Mn grocery delivery service Instamart

Swiggy planning to invest USD 700 Mn grocery delivery service Instamart

By Nikita Chaurasia

In 2020, Swiggy’s grocery delivery service was operational in only two Indian cities back and now has expanded up to 18 cities. The startup intends to make deliveries within 15 minutes starting from January 2022. Indian food delivery start...

Renewables gain sizeable traction in 2021 as supply chain woes persist

Renewables gain sizeable traction in 2021 as supply chain woes persist

By Nikita Chaurasia

According to a report from the International Energy Agency (IEA), renewable energy is on course to break a global record in 2021 despite inflating commodity prices which are likely to slow down the clean energy transition in the future. Projections ...

Omicron variant may impact global growth & inflation: Rating agencies

Omicron variant may impact global growth & inflation: Rating agencies

By Nikita Chaurasia

Moody's Investors Service and Fitch Ratings have reported that the COVID-19 Omicron variant could significantly dampen the global growth outlook while also pushing prices higher, after the World Health Organization stated that the variant had a v...