Self-driving car startup Einride raises $113M PIPE in first round

The last drive it has raised more than $113 million in PIPE (private equity investment) funding ahead of it. first appearancewhich is expected in the first half of 2026.

The Swedish startup is best known for building electric vehicles and autonomous pods designed to carry cargo without a human driver. Einride announced its plans to go public through a merger with private equity firm Legato Merger Corp. last November.

The deal values ​​Einride at a cash value of $1.35 billion — down from the $1.8 billion that was tied to the SPAC deal. Despite the decline in the stock price, there is still interest in the company’s investment. PIPE exceeded the company’s previous target of $100 million.

Einride’s PIPE comes from new and existing investors, including global asset management firm based on the West Coast of the United States and Stockholm-based EQT Ventures.

In total, Einride has raised $213 million in associated costs, including $100 million has already been announced crossover currency.

The SPAC, which will see Einride listed on the New York Stock Exchange, is expected to provide approximately $220 million from Legato’s account. With the addition of the $113 million PIPE, the company is now generating a total of approximately $333 million in cash before redemptions and expenses, although it says it may seek additional financing before closing.

These acquisitions will support Einride’s strategic strategy, global expansion, and independence in North America, Europe, and the Middle East.

Outside of Sweden, Einride operates 200 heavy-duty electric vehicles in Europe, North America, and the UAE for companies such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has also done a few projects for its autonomous vehicles as pods with customers, including Apotea in Sweden and GE Appliances in the US.

Einride is not the first independent company to partner with a SPAC in recent years to raise additional capital. Aurora Innovation went public through a SPAC merger valued at $13 billion in 2021 and has since launched a self-driving car (with a human observer). Kodiak AI took over The SPAC method to the public market in 2025.