On Wednesday, Einride announced its intention to become a publicly traded company through a merger with a special purpose acquisition company, coming just a month and a half after the Swedish startup specializing in electric and autonomous trucks secured $100 million in funding. The agreement with Legato Merger Corp. sets Einride’s pre-money valuation at $1.8 billion, according to statements from both companies.
This transaction is projected to bring in approximately $219 million in gross proceeds, not accounting for any potential redemptions of Legato’s public shares. Additionally, the company is aiming to raise as much as $100 million through a private investment in public equity (PIPE).
The merger is anticipated to be finalized in the first half of 2026, after which Einride will be listed on the New York Stock Exchange.
Founded in 2016, Einride set out to revolutionize freight transport, initially with electric trucks and later with self-driving electric pods—vehicles built for autonomy without traditional controls like steering wheels or pedals. Earlier this year, Roozbeh Charli was appointed as the new CEO, and the company has been working to expand three main business areas: electric heavy trucks, autonomous pod vehicles for set routes, and logistics planning software for shippers.
Einride has managed to grow its presence outside of Sweden. The company operates a fleet of 200 electric heavy trucks across Europe, North America, and the UAE, serving clients such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. Its autonomous pod trucks have also gained traction, with customers like Apotea in Sweden and GE Appliances in the U.S.
With its U.S. base in Austin, Texas, Einride shared in its announcement that it currently has an annual recurring revenue (ARR) run rate of around $45 million, and a total contracted ARR base of $65 million from signed agreements.
The $100 million funding round announced in October was intended to help the company grow alongside its customer base and speed up the rollout of its autonomous freight solutions, according to Charli.
Back in 2022, Einride secured $500 million in a Series C round that included both equity and debt. Of this, $200 million in equity came from investors such as Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Structure, and Norrsken VC, while $300 million in debt was arranged by Barclays Europe. The $100 million raised in October included participation from existing investor EQT Ventures and quantum computing firm IonQ.
Einride is now among a number of autonomous vehicle firms that have opted for SPAC mergers in recent years to bolster their funding.
Aurora, which began commercial operations with self-driving trucks (with a safety driver present), went public through a SPAC deal valued at $13 billion in 2021. Earlier this year, Kodiak AI, another autonomous trucking startup, also entered the public market via a SPAC merger.
