Swedish autonomous freight technology company Einride announced Thursday that it raised $113 million in an oversubscribed private investment in public equity (PIPE) financing, exceeding its $100 million target and signaling strong investor appetite for autonomous trucking as the company prepares to go public.
The capital raise supports Einride’s proposed merger with special purpose acquisition company Legato Merger Corp. III, bringing total committed investments to approximately $213 million at a pre-money equity valuation of $1.35 billion. The transaction is expected to deliver approximately $333 million in gross proceeds, including the PIPE financing and $220 million from Legato’s cash-in-trust before accounting for potential redemptions and transaction expenses.
Investor Confidence Fuels Expansion Plans
The PIPE financing attracted new and existing investors, including Stockholm-based EQT Ventures and an unnamed global asset management company based on the U.S. West Coast.
“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.”
Proceeds will support Einride’s technology roadmap and global expansion, including autonomous deployments across North America, Europe and the Middle East. The company also plans to advance commercial applications of its intelligent freight platform, which includes AI-powered planning and optimization, autonomous technologies, one of the world’s largest electric heavy-duty fleets and charging infrastructure.
“Einride continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics,” said Eric Rosenfeld, chief SPAC officer of Legato. “We believe this PIPE investment underscores the compelling value proposition and long-term growth opportunity of Einride as the Company prepares to enter the public markets.”
Subject to shareholder and regulatory approvals, the combined company expects to list its ordinary shares on the New York Stock Exchange during the first half of 2026 under the proposed ticker symbol “ENRD.”
Einride, founded in 2016, had previously announced its plans to go public via a merger with special purpose acquisition company Legato Merger Corp. III last November.
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