Einride has secured an oversubscribed $113 million PIPE (private investment in public equity) ahead of its public debut scheduled for the first half of 2026.
The Swedish startup is best known for developing both electric trucks and autonomous pods designed to carry cargo that doesn’t have room for a human driver. Last November, Einride announced plans to go public through a merger with Legato Merger Corporation, a special purpose acquisition company.
The deal values Einride at $1.35 billion, down from the $1.8 billion originally attached to the SPAC deal. Despite the drop in valuation, it’s clear that investor appetite for the company still exists. PIPE exceeded the company’s original goal of up to $100 million.
Einride’s PIPE is being offered by new and existing investors, including a global asset management firm based on the US West Coast and EQT Ventures based in Stockholm.
Einride has secured approximately $213 million in total in connection with this transaction, including $100 million in previously announced crossover financing.
The SPAC, which would see Einride traded on the New York Stock Exchange, was expected to receive about $220 million from Legato’s trust account. With the addition of the $113 million PIPE, the companies expect total proceeds, excluding redemptions and expenses, to be approximately $333 million. However, the company said it may seek additional capital before closing.
Proceeds will support Einride’s technology roadmap, global expansion, and autonomous deployment in North America, Europe, and the Middle East.
Outside of Sweden, Einride operates a fleet of 200 heavy-duty electric trucks in Europe, North America and the UAE for companies such as Heineken, PepsiCo, Carlsberg Sweden and DP World. The company is also making limited deployments of autonomous pod trucks with customers such as Sweden’s Apotea and America’s GE Appliances.
Einride isn’t the first self-driving car company to pursue a SPAC merger in recent years in search of additional funding. Aurora Innovation went public in 2021 in a SPAC merger valued at $13 billion and has since launched a commercial self-driving truck business (with human observers on board). Kodiak AI will also enter the public market in 2025 via the SPAC route.
