Self-driving truck startup Einride raises $113M PIPE ahead of public debut

Einride has secured an oversubscribed $113 cardinal PIPE (private concern successful nationalist equity) up of its public debut that’s expected for the archetypal fractional of 2026. 

The Swedish startup is astir well-known for building some electrical trucks and autonomous pods that are designed to transportation freight with nary country for a quality driver. Einride announced its plans to spell nationalist via a merger with a peculiar intent acquisition company, Legato Merger Corp., past November. 

The woody values Einride astatine a pre-money valuation of $1.35 cardinal — down from the $1.8 cardinal fig initially attached to the SPAC deal. Despite a driblet successful valuation, there’s inactive intelligibly capitalist appetite for the firm. The PIPE exceeded the company’s earlier people of up to $100 million. 

Einride’s PIPE comes from caller and existing investors, including a planetary plus absorption institution based connected the West Coast of the United States, and Stockholm-based EQT Ventures.

In total, Einride has secured astir $213 cardinal tied to this transaction, including $100 cardinal antecedently announced crossover financing. 

The SPAC, which volition spot Einride trading connected the New York Stock Exchange, had been expected to present astir $220 cardinal from Legato’s spot account. With the summation of the $113 cardinal PIPE, the companies present task full gross proceeds of astir $333 cardinal earlier redemptions and expenses. Though they accidental they whitethorn question further superior earlier closing. 

The proceeds volition enactment Einride’s exertion roadmap, planetary expansion, and autonomous deployments successful North America, Europe, and the Middle East. 

Outside of Sweden, Einride operates a fleet of 200 heavy-duty electrical trucks successful Europe, North America, and the UAE for companies similar Heineken, PepsiCo, Carlsberg Sweden, and DP World. The institution has besides done constricted deployments of its autonomous pod-like trucks with customers including Apotea successful Sweden and GE Appliances successful the U.S. 

Einride is not the archetypal autonomous conveyance institution to person pursued a SPAC merger successful caller years for further funding. Aurora Innovation went public via a SPAC merger valued astatine $13 cardinal successful 2021 and has since launched a commercialized self-driving trucks cognition (with a quality perceiver connected board). Kodiak AI besides took the SPAC road to the nationalist marketplace successful 2025.