Sweden’s most prominent electric motorcycle and e-moped manufacturer CAKE has just closed a significant funding round that should add another $60 million to the company’s coffers.

The funding round includes $14 million in convertible notes and a $46M financing round.

The financing round was led by Swedish pension fund AMF and several new investors joined including a number of current shareholders including Creandum and Headline.

CAKE founder and CEO Stefan Ytterborn explained that the funding would be used to help build a foundation for rapid growth for the company:

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.

The Makka mentioned by Ytterborn is the company’s newest model that was introduced early last month.

Compared to CAKE’s higher-powered electric motorbikes, the Makka line offers toned-down performance for a lower price (and without the need for a motorcycle license).

With a 3.6 kW motor, the Makka is peppy enough for city riding but won’t overwhelm new riders.

The Makka Flex is the higher performance of the two available models and is priced at $3,800. It reaches a top speed of 28 mph (45 km/h), a relatively low figure that qualifies it as a “moped class vehicle” in much of the US. This classification is key for it to reach a wide target market that could include anyone with a standard car driver’s license.

A single battery in the Makka is rated for 48V and 31Ah (1.5 kWh), powering the 132 lb (60 kg) bike for a maximum range per charge of 31 miles (50 km).

The Makka Flex is approved for street-legal use in the US and Europe. Europeans will also have access to a second model known as the Makka Range. With a lower top speed of just 15 mph (25 km/h), the Makka Range eeks out 37 miles (60 km) per battery.

With an emphasis on city riding, CAKE also unveiled a partnership with Polestar to sell an electric car and e-moped bundle that would see the Makka mounted on the rear of the Polestar for use as a range-extending single-rider transporter when drivers reach city centers.

The Makka draws upon many design aspects first seen two years ago in the CAKE Ösa.

CAKE Ösa

The CAKE Ösa is available in two different models with higher and lower speed/power options to fit into different motorcycle classes.

Both versions have options for either a 1.5 kWh or 2.6 kWh battery, with the larger offering a range of up to 63 miles (100 km). The batteries have multiple output options to allow the CAKE Ösa to be used as a mobile power station.

The bikes are designed with a mobile workbench concept. The frame is built around a main central spine that uses a custom-designed locking clamp to attach a wide range of accessories. One or more seats can slide along and clamp to the frame, as well as other accessories such as racks, baskets, surfboard holders, hitches, and a number of other accessories.

The Ösa tops out at 63 mph (100 km/h) and features a 7 kW continuous, 10 kW peak motor driving a Gates Carbon Belt Drive.

While the Ösa was built primarily for utility, Cake’s electric dirt bikes known as the Kalk were designed more for recreation and higher-speed transportation.

The CAKE Kalk bikes are available in both on and off-road variants and also have both higher and lower-spec versions. They feature a more traditional dirt bike design, yet with aesthetics that are unmistakably modern.

In a few short years, CAKE has already unveiled three model lines that each offer several variants of electric motorbikes.

Now with an extra $60 million in hand, CAKE could have even more surprises up its sleeve.

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