After burning AMF — the ironically named Swedish pension fund — and a shocking $75 million and declaring global bankruptcy, eBike innovator CAKE is set to rise again. CAKE pulled the plug on February 1, 2024. Shortly after, the Norwegian company Brages Holding AS acquired the brand and its intellectual property, according to an announcement from the new owner. “Since then, a new and small team has been established, and they are now sharing some of their initial plans for CAKE’s future.”
"As a car retailer in Norway, we have witnessed how fast the electrification shift can go when people set their minds to it,” explains Espen Digernes, owner of Brages, on why they acquired CAKE. “Now, we believe the transformation in the micro-mobility sector will accelerate as well. Not only for motorbikes, but also for scooters, mopeds and electric bikes. When we first connected with CAKE as a retailer, we fell in love with their products, the design, the craftsmanship and the story behind CAKE.”
Since the acquisition in March, a business plan has been crafted for the new CAKE, according to Digernes. This plan is an ambitious quest to lead the premium electric two-wheeler segment in targeted markets. “At the same time, we aim to sustain the passion and enthusiasm for the brand through our CAKE team and the devoted community of riders.”
Today, a small core team, including key employees from the former CAKE, is working hard to continue developing high-quality, high-performance products with standout designs that inspire customers and drive us toward a zero-emission society. This team is led by former CAKE CTO, Petra Färm, who adds, "It is an honor to be part of the next chapter in the CAKE journey. The original journey of CAKE was on the brink of success. However, there was obviously a need to pivot in certain strategic areas, and I believe there is great potential now in making these changes to evolve CAKE into a profitable company.”
The CAKE headquarters and brand store in Stockholm have reopened with our core team, and already produced bikes are available for sale again. “Our goal in acquiring CAKE was to evolve the brand,” concludes CAKE’s new owner. “We aim to scale CAKE by building a robust retailer distribution network and transforming a remarkable Swedish initiative into a Scandinavian success."