Swedish freight technology company Einride has raised $113 million through an oversubscribed private investment in public equity (PIPE) round as it prepares for a stock market debut expected in the first half of 2026.
Einride is recognized for developing electric heavy duty trucks as well as fully autonomous, pod-style freight vehicles that operate without space for a human driver. In November last year, the company revealed plans to list publicly through a merger with special purpose acquisition company (SPAC) Legato Merger Corp.
The transaction assigns Einride a pre-money valuation of $1.35 billion, lower than the previously announced $1.8 billion tied to the initial SPAC agreement. Despite the valuation adjustment, investor demand remains strong. The PIPE round surpassed its original fundraising goal of up to $100 million, signaling continued market confidence in the company’s long-term vision.
The latest funding includes participation from both new and existing backers, such as a major West Coast-based global asset manager and Stockholm-headquartered EQT Ventures.
Altogether, Einride has now secured approximately $213 million in financing related to the transaction, including $100 million in previously disclosed crossover funding.
The SPAC deal is expected to result in Einride being listed on the New York Stock Exchange. Prior to the PIPE, the merger was projected to contribute around $220 million from Legato’s trust account. With the additional $113 million raised, the companies estimate total gross proceeds of roughly $333 million before accounting for potential redemptions and transaction costs. The firms have also indicated that further capital may be sought before the deal closes.
Funds from the listing are intended to advance Einride’s technology development, accelerate global growth, and expand autonomous freight deployments across North America, Europe, and the Middle East.
Beyond its home market in Sweden, Einride operates around 200 electric heavy-duty trucks across Europe, North America, and the United Arab Emirates. Its customer base includes major brands such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has also conducted limited trials of its autonomous freight pods with partners including Apotea in Sweden and GE Appliances in the United States.
Einride joins a growing list of autonomous vehicle firms that have turned to SPAC mergers to access public markets. Aurora Innovation completed its SPAC transaction in 2021 at a valuation of $13 billion and has since launched a commercial self-driving trucking service with safety operators onboard. Kodiak AI similarly pursued a SPAC listing in 2025 as part of its growth strategy.
