CEO Stefan Ytterborn says Electric motorcycle startup Cake filed for bankruptcy February 1.
The Swedish company was in the middle of a funding round, just prior to the filing, but apparently the withdrawal of an investor was what tipped the company over the edge.
Ytterborn says that he had nothing else in mind but to find a solution in one format or another.
Cake raised a $14 million Series A in 2019. It followed that with a $60 million Series B round in 2021 led by Swedish pension fund AMF.
The capital was meant to fund manufacturing facilities in Europe, North America and Asia and to scale up its retail capabilities.