What you need to know:
- Einride and Legato Merger Corp. III secured $113 million through an oversubscribed PIPE investment to support their planned $1.8 billion SPAC merger
- Combined with a prior crossover round, total transaction financing reached $213 million, exceeding the company's original fundraising target
- The round includes new and existing backers such as EQT Ventures, signaling strong confidence in electric and autonomous freight technology
- The funds will help expand battery-electric trucks, autonomous freight deployments, and the intelligent freight platform across global markets
Einride, a Sweden-based company specializing in electric and autonomous freight technology, with U.S. offices in New York, Austin, and San Francisco, and Legato Merger Corp. III announced that they have secured approximately $113 million in funding from investors.
The funding round was oversubscribed, meaning demand exceeded the amount available, and will help support the companies' planned $1.8 billion SPAC merger, which was first announced last November.
Einride says it secured the latest funding through a Private Investment in Public Equity (PIPE) investment from both current and new backers, including a major asset management firm based on the West Coast and Stockholm-based EQT Ventures.
The company says it plans to use the funds to keep building and improving its commercial battery-electric vehicle technology, grow its business around the world, and roll out more of its self-driving trucks in North America, Europe, and the Middle East. The money will also help expand the commercial use of its smart freight platform.
[Related: Einride completes first-ever electric truck border crossing without a driver]
Einride CEO Roozbeh CharliEinride
"This PIPE reflects strong investor confidence in Einride's mission to transform global freight through autonomous and electric technology," said Roozbeh Charli, Chief Executive of Einride. "With this additional capital, we believe we are well positioned to scale our commercial deployments of electric and autonomous freight solutions with both existing and new customers, while continuing to invest in our automated driving system and intelligent freight platform."
So far, investors have pledged about $213 million to support the deal. This total includes the new PIPE investment as well as the roughly $100 million Einride had already raised through a previously announced crossover round. The amount raised through the PIPE alone ended up being higher than expected. The company had originally said it planned to raise up to $100 million in additional funding for the transaction, but it surpassed that goal.
