Einride, a developer of digital, electric and autonomous freight solutions, raised $113 million in private investment in public equity (PIPE) financing to support a proposed business combination it announced in November.
The transaction values Einride at $1.35 billion, pre-money, the company said in a Thursday (Feb. 26) press release.
The company will use the proceeds from the PIPE to support autonomous deployments across North America, Europe and the Middle East; additional commercial applications of its intelligent freight platform; and other elements of its technology roadmap and global expansion, it said in the release.
“This PIPE reflects strong investor confidence in Einride’s mission to transform global freight through autonomous and electric technology,” Einride CEO Roozbeh Charli said in the release.
“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.”
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Einride announced in November that it plans to go public via a business combination with special purpose acquisition company (SPAC) Legato Merger Corp. III. The deal would result in Einride becoming a New York Stock Exchange (NYSE)-listed public company.
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Charli said at the time in a press release that the business combination would position Einride to accelerate its global expansion.
Einride said in the November press release that it was seeking up to $100 million of PIPE capital to accelerate its growth, after raising $100 million in crossover capital during 2025 from new and existing investors. The company announced in October that it raised $100 million to accelerate the development and deployment of its road freight technology solutions.
The company noted in its Thursday press release that the $113 million in PIPE financing it raised, exceeded its previously announced expectations.
It added in the release that the combined company expects to list its ordinary shares on the NYSE during the first half of 2026.
Legato Chief SPAC Officer Eric Rosenfeld said in the release: “Einride continues to demonstrate leadership at the intersection of autonomy, electrification and logistics. 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.”
