Einride, the Swedish electric and autonomous truck startup, has announced its intention to go public through a merger with a special purpose acquisition company (SPAC). The company recently secured $100 million in funding from investors, and the SPAC merger with Legato Merger Corp. values Einride at $1.8 billion. The transaction is expected to generate approximately $219 million in gross proceeds, excluding any redemption of Legato’s public shares. Einride is also looking to raise up to $100 million in private investment through public equity (PIPE) capital.
Founded in 2016, Einride aims to revolutionize the freight industry by introducing electric trucks and autonomous electric pods for self-driving without traditional steering mechanisms. The company, led by CEO Roozbeh Charli, operates in Europe, North America, and the UAE, serving notable clients like Heineken, PepsiCo, and Carlsberg Sweden. Einride’s autonomous pod-like trucks have found traction with customers such as Apotea in Sweden and GE Appliances in the U.S.
With a current annual recurring revenue (ARR) run rate of $45 million and a total contracted base of $65 million ARR from signed customer agreements, Einride’s recent funding round is aimed at expanding its customer base and accelerating the deployment of its autonomous freight technology.
Source: TechCrunch