Creandum, EVentures in $14m round for Cake

Creandum recently held a first and final close on €265m for its fifth fund, Creandum V, which targets companies operating in technology sectors primarily based in the Nordic and Baltic regions. The fund invests between €100,000-1m in seed rounds, €1-4m in early-stage rounds and €5-10m in later-stage investments.

EVentures also participated in the funding round, which was oversubscribed and included participation from existing investors and a limited number of competence specialists, according to a company statement.

In April 2019, Anna Ryott, chair of the board of Summa Equity, joined the company's board. Cake expects to launch its latest model, Ösa – to be marketed to commuters – in autumn 2019.

Previous funding
Cake completed its first external financing round through a directed share issue in 2017. A small group of investors participated in the SEK 20.4m round for the company.

Company
Cake manufactures lightweight electric motorcycles. It is based in Stockholm with an office in Salt Lake City and a site in Taiwan. Founded in 2016, the company employs 20 people, according to LinkedIn.

People
Creandum – Staffan Helgesson (general partner).
Cake – Stefan Ytterborn (CEO).

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• Topics
• Expansion
• Nordics
• Consumer
• Creandum
• Sweden
• Summa Equity
• Venture