Einride Secures Oversubscribed $113 Million PIPE
Swedish autonomous vehicle startup, Einride, has recently announced an oversubscribed $113 million private investment in public equity (PIPE) as it prepares for its initial public offering (IPO) in the first half of 2026. Known for their innovative electric trucks and autonomous pods, Einride aims to revolutionize goods transportation by eliminating the need for human drivers.
Einride first announced its plans to go public via a merger with a special purpose acquisition company (SPAC), Legato Merger Corp., in November last year. This move aligns with the current trend of tech startups opting for SPAC mergers to secure additional financing, following the steps of similar companies like Aurora Innovation and Kodiak AI.
Investors’ Appetite Despite Valuation Drop
The deal places Einride’s pre-money valuation at $1.35 billion, a decrease from the $1.8 billion figure initially tied to the SPAC deal. Despite this drop in valuation, the company has been met with a strong investment appetite. The PIPE has even surpassed the company’s initial goal of $100 million.
Contributions to Einride’s PIPE come from both new and existing investors, including a global asset management firm based on the US West Coast and Stockholm-based EQT Ventures.
Securing $213 Million in Total
In total, Einride has managed to secure approximately $213 million related to this transaction, which includes $100 million in a previously announced cross-financing initiative.
The SPAC merger, which will list Einride on the New York Stock Exchange, was expected to provide around $220 million from Legato’s trust account. With the addition of the $113 million PIPE, the companies now anticipate total gross proceeds of approximately $333 million, before redemptions and expenses. The companies also hinted at the possibility of seeking additional capital before closing.
Future Plans and Global Expansion
The funds raised will support Einride’s technology roadmap, global expansion, and the deployment of autonomous vehicles in North America, Europe and the Middle East.
Einride currently operates a fleet of 200 heavy-duty electric trucks across Europe, North America and the UAE, serving high-profile companies such as Heineken, PepsiCo, Carlsberg Sweden and DP World. The company has also made limited deployments of its autonomous pod-style trucks to customers including Apotea in Sweden and GE Appliances in the United States.
The company’s innovative approach to transport and strong investor appetite signal a promising future for Einride as it continues to disrupt the industry with its autonomous vehicle technology.
Data source: TechCrunch
