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

Einride has secured an oversubscribed $113 million PIPE (non-public funding in public fairness) forward of its public debut, which is predicted for the primary half of 2026. 

The Swedish startup is most well-known for constructing each electrical vehicles and autonomous pods which can be designed to hold freight with no room for a human driver. Einride introduced its plans to go public through a merger with a particular objective acquisition firm, Legato Merger Corp., final November. 

The deal values Einride at a pre-money valuation of $1.35 billion — down from the $1.8 billion determine initially hooked up to the SPAC deal. Regardless of a drop in valuation, there’s nonetheless clearly investor urge for food for the agency. The PIPE exceeded the corporate’s earlier goal of as much as $100 million. 

Einride’s PIPE comes from new and current traders, together with a world asset administration firm based mostly on the West Coast of the US and Stockholm-based EQT Ventures.

In whole, Einride has secured round $213 million tied to this transaction, together with $100 million beforehand introduced crossover financing. 

The SPAC, which is able to see Einride buying and selling on the New York Inventory Change, had been anticipated to ship roughly $220 million from Legato’s belief account. With the addition of the $113 million PIPE, the businesses now venture whole gross proceeds of about $333 million earlier than redemptions and bills, although they are saying they could search extra capital earlier than closing. 

The proceeds will assist Einride’s know-how roadmap, world enlargement, and autonomous deployments in North America, Europe, and the Center East. 

Outdoors of Sweden, Einride operates a fleet of 200 heavy-duty electrical vehicles in Europe, North America, and the UAE for corporations like Heineken, PepsiCo, Carlsberg Sweden, and DP World. The corporate has additionally finished restricted deployments of its autonomous pod-like vehicles with clients, together with Apotea in Sweden and GE Home equipment within the U.S. 

Einride just isn’t the primary autonomous automobile firm to have pursued a SPAC merger in recent times for extra funding. Aurora Innovation went public through a SPAC merger valued at $13 billion in 2021 and has since launched a business self-driving vehicles operation (with a human observer on board). Kodiak AI additionally took the SPAC highway to the general public market in 2025.