Swedish electric motorcycle/moped maker CAKE has just announced the closing of a $60 million funding round, which will help the company scale its production and bolster retail and service locations for the two-wheeled brand.
According to the company’s press release, the fundraising was done via two convertible notes (financial debt instruments that can be turned into equity stakes in the company, at a later time), totaling $14 million and $46 million each.
The bulk of the financing came from Swedish pension fund AMF, while the rest of the funding came from several investors, led by current CAKE shareholders Creandum and Headline.