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

Source: TechCrunch

Funding round

Einride has secured an oversubscribed $113 million PIPE (private investment in public equity) ahead of its public debut expected in the first half of 2026.

The PIPE exceeded the company’s earlier target of up to $100 million and comes from new and existing investors, including a West‑Coast‑based global asset management firm and Stockholm‑based EQT Ventures.

In total, Einride has secured around $213 million tied to this transaction, including the $100 million previously announced crossover financing.

Company background

Einride is a Swedish startup best known for building electric trucks and autonomous pods designed to carry freight without a human driver. The company operates a fleet of roughly 200 heavy‑duty electric trucks across Europe, North America, and the UAE for customers such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. Limited deployments of its autonomous pod‑like trucks have been carried out for clients including Apotea (Sweden) and GE Appliances (U.S.).

SPAC merger details

Einride announced plans to go public via a merger with special purpose acquisition company Legato Merger Corp. last November. The deal values Einride at a pre‑money valuation of $1.35 billion, down from the $1.8 billion figure initially attached to the SPAC deal.

The SPAC, which will list Einride on the New York Stock Exchange, was expected to deliver roughly $220 million from Legato’s trust account. Adding the $113 million PIPE brings projected gross proceeds to about $333 million before redemptions and expenses, with the possibility of seeking additional capital before closing.

Use of proceeds

The capital will support:

• Einride’s technology roadmap
• Global expansion
• Autonomous deployments in North America, Europe, and the Middle East

Industry context

Einride is not the first autonomous‑vehicle company to pursue a SPAC merger for funding.

• Aurora Innovation went public via a SPAC merger valued at $13 billion in 2021 and has since launched a commercial self‑driving trucks operation (with a human observer on board).
• Kodiak AI also took the SPAC route to the public market in 2025.