The electric off-roader from Swedish start-up CAKE is getting closer to production with the announcement that the firm has completed its first round of external financing.
The company has brought in over 2 million Euros (20.4 million Swedish Krona) in financing from investors to help reach its goal.
Although the company is yet to officially reveal the new bike that the money is helping to develop, patent filings show what it’s expected to look like. See our original story on the bike by clicking here.
The bike is developed purely for off-road use, and comes from the founder of bicycle helmet firm POC. It sits somewhere between conventional electric motorcycles and electric bicycles in its design. Lighter than most motorcycles, it’s not intended for competition but to be a fun, off-road-capable machine for purely recreational use.
Stefan Ytterborn, founder & CEO of CAKE, said: “We are pleased to announce that CAKE has successfully completed its first external financing round through a directed share issue. The completion of the intended SEK 20.4M involves a small group of investors with firm and strategic relevancy, going forward. It’s energizing having established a palette of partners in associated fields and relevant geographies including Japan, Hong Kong, Europe and USA.
“The process towards launching the company’s first product, defining a new category of light, clean and silent electric off- road motorbikes, is now accelerating”.
The bike is expected to be officially shown at the end of 2017.
Find out more about CAKE at the company’s website here.