CAKE reportedly confronted monetary hardships earlier than submitting for chapter on February 1, 2024. The Swedish model cited socioeconomic circumstances and the dearth of enterprise capital for firms in later phases of improvement. However at present, CAKE quietly introduced new possession and the formation of a small staff devoted to shifting the model ahead.
The chapter announcement was stunning to many on the time, as CAKE appeared to have a lot momentum, each in product improvement and media protection. It had lately expanded product choices to incorporate motorbikes for supply professionals and e-scooters for city mobility.
Nevertheless, since its founding in 2016, the corporate has solely offered about 6,000 bikes, Breakit reported. The Swedish publication additionally reported in January this 12 months that CAKE’s workers would have their salaries delayed as a result of the corporate lacked sufficient funds to pay them.
CAKE Acquired by Norwegian Holding Group
In a press launch hooked up to at present’s Instagram submit, CAKE defined the trail to at present’s announcement.
Shortly after its chapter announcement, Brages Holding AS, a automotive retailer in Norway, acquired the CAKE model and related mental property. The corporate proprietor, Espen Digernes, stated, “As a automotive retailer in Norway, we’ve witnessed how briskly the electrification shift can go when folks set their minds to it. Now, we consider the transformation within the micro-mobility sector will speed up as nicely. Not just for motorbikes, but additionally for scooters, mopeds, and electrical bikes.”
Bragnes shaped a small core staff, together with key CAKE workers, and reinstated Petra Farm, the previous CTO, as its chief. “It’s an honor to be a part of the subsequent chapter within the CAKE journey. The unique journey of CAKE was on the point of success. Nevertheless, there was clearly a have to pivot in sure strategic areas, and I consider there’s nice potential now in making these adjustments to evolve CAKE right into a worthwhile firm,” Petra acknowledged within the press launch.
Petra and the staff reopened the previous headquarters and model retailer in Stockholm, Sweden, and bikes already produced are accessible for buy.
GearJunkie will proceed to comply with and report on CAKE’s resurgence. We’ve examined and loved the bikes and stay up for their continued improvement.
