Sweden-based Cake reported that its latest round of fundraising surpassed expectations and closed at $60 million.

The fundraising for the manufacturer of lightweight electric performance motorcycles, scooters and mopeds comprises convertible notes of $14 million and a $46 million financing round. The financing round was anchored by Swedish pension fund AMF, investing with new investors and support from current shareholders, including Creandum and Headline, who are committed to continuing to support the company.

Stefan Ytterborn, Founder & CEO of Cake, said, “We are in the process of implementing initiatives to scale the business, structuring and laying the base for rapid growth. Aside from new product platforms, like the new and compact Makka expanding the user base, within B2C as well as B2B, Cake is setting up manufacturing facilities in Europe, North America and Asia for sustainability and efficiency reasons, as we speak. Furthermore, Cake sites including showrooms, retail and service will start popping up in major cities, starting 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.”

Patricia Hedelius, portfolio manager at AMF, said, “We appreciate the opportunity to invest in one of Sweden’s most interesting companies within the field of electrification at this rather early stage. Cake’s drive and go-ahead spirit are 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 have contributed to strong market interest.”

Photo courtesy Cake