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E-motorcycle maker Cake closes $60M round to scale production and retail sales – TechCrunch

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Swedish electrical motorbike producer Cake has introduced the shut of a $60 million Sequence B that the corporate will use to assist arrange manufacturing amenities in Europe, North America and Asia, in addition to scale up its retail capabilities.

“We’re within the means of implementing initiatives to scale the enterprise, structuring and laying the bottom for speedy progress,” stated Stefan Ytterborn, founder and CEO of Cake, in an announcement.

Cake recently launched the Makka, an electrical moped for metropolis driving, which demonstrates a shift in course of Cake’s product platforms. Its first two autos, the Kalk and the Ösa, are made for heavier responsibility, off-road driving and utility, so the Makka has helped to increase Cake’s consumer base inside B2C and B2B, says Ytterborn.

The brand new manufacturing amenities throughout three continents will assist Cake be extra sustainable and environment friendly because it goals to ship its autos direct-to-consumer worldwide, in line with the corporate. Till not too long ago, the bikes have been solely assembled in Taiwan and shipped to warehouses within the U.S., Canada and Europe or on to prospects in  Australasia. Every delivery container from Taiwan might match 25 bikes. Now, Cake can ship sufficient elements from Taiwan to its European or North American amenities to equal 150 bikes per container, decreasing delivery quantity by greater than 80%, a Cake spokesperson instructed TechCrunch.

The European meeting has been up and working since July, and the corporate goals to have North American meeting start within the first half of subsequent 12 months, in line with the corporate.

“Effectivity sensible we can assemble an order with two weeks supply time as a substitute of ordering eight months beforehand, reflecting what anticipated demand will likely be: excessive stock threat and money stream heavy,” stated the spokesperson.

With the contemporary funding, Cake will even start to arrange a retail presence, with showrooms popping up in main cities starting this fall, says Ytterborn.

“We knew we have been coming into an area with more and more robust tailwinds after we bought began again in 2016, however we couldn’t dream of the tempo by which issues at the moment are taking place, for the great of individuals, planet and enterprise,” he continued.

The spherical consists of convertible notes of $14 million and a $46 million financing spherical. The latter was led by Swedish pension fund AMF, in line with Cake. A handful of latest traders additionally participated within the spherical, in addition to current stakeholders, Creandum and Headline, two VCs that participated in Cake’s $14 million Sequence A in 2019.

“Cake’s obsession with making a superior consumer expertise has been ingrained within the firm’s DNA from day one and is one thing we will absolutely determine with,” stated Staffan Helgesson, common accomplice at Creandum Advisor, in an announcement. “We’re very glad to proceed to help the workforce for the long run of their ambition to turn into the class chief within the premium two wheeler electrical car section.”

https://techcrunch.com/2021/09/27/e-motorcycle-maker-cake-closes-60m-round-to-scale-production-and-retail-sales/ | E-motorcycle maker Cake closes $60M spherical to scale manufacturing and retail gross sales – TechCrunch

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