Einride secures $113m to fuel SPAC listing: 'Well positioned to scale'

Autonomous and electric freight technology firm Einride is padding its war chest ahead of its public market debut.

The company has secured an oversubscribed $113m (approximately €96m) PIPE which is a private investment in public equity financing round, backed by existing investor Stockholm-based EQT Ventures and an unnamed US West Coast asset management company.

Scale commercial deployment

The fresh capital is tied to Einride's planned merger with blank-check company Legato Merger Corp. III, a transaction that gives the freight firm a pre-money equity value of $1.35bn (approximately €1,14bn).

Roozbeh Charli, Einride's chief executive, said the funds will be used to scale commercial deployments across North America, Europe, and the Middle East, while pushing forward the company's automated driving system.

"This PIPE reflects strong investor confidence in Einride's mission to transform global freight through autonomous and electric technology," said Charli in a statement.

"Can't think of anything more exciting"

When Impact Loop interviewed Charli in October last year, following a $100m crossover financing round, he was clear about what made Einride an attractive public market candidate.

"We are a fast-growing technology company with an established customer base that applies cutting-edge technology to drive a technological shift. I can't think of anything more exciting for the stock market," Charli told Impact Loop.

Eric Rosenfeld, chief SPAC officer at Legato, said in a statement that Einride "continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics."

To date, investors have committed roughly $213m to the transaction, including the previously announced $100m crossover financing round.