At the beginning of September, 2021, Swedish electric bike maker CAKE unveiled its Makka electric scooter. It’s a short-range option intended as a low-speed runabout, and is definitely not meant to set your hair on fire with its blistering speeds. Still, there’s room for all kinds of motorbikes in this world, and this is by far the least expensive offering in CAKE’s bake shop at the moment.
That wasn’t all that CAKE had to show us in September, though. If the Makka could be considered a cupcake due to its small size, then the next bit is CAKE’s frosting. At the end of September, CAKE founder and CEO Stefan Ytterborn announced that the company is busy setting up additional manufacturing facilities in Europe, North America, and Asia. What’s more, it to roll out more showrooms, retail, and service centers in unspecified major cities, starting in Fall 2021.
This information came as part of CAKE’s latest fundraising announcement, where the company announced that it closed $60M in its latest fundraising round. Presumably, all that cash pouring into its coffers will fund all this growth and expansion into potential customers’ hearts and minds.
One of the biggest funders this time around is Swedish pension fund AMF. Its portfolio manager, Patricia Hedelius, had this to say about the fund’s investment:
“We appreciate the opportunity to invest in one of Sweden’s most interesting companies within the field of electrification at this rather early stage,” she said in a statement.
“CAKE’s drive and go-ahead spirit is impressive, as is the ambitious plan to grow the company and offer sustainable transportation. The products can be important in the transition to a more sustainable society, and CAKE’s innovative design and solid custom focus has contributed to a strong market interest,” Hedelius concluded.
How will this bake turn out? That, of course, remains to be seen. Still, we like to see models and brands evolve, and hopefully also give customers what they want.