The global freight industry is facing challenges. Increasing fuel prices, stricter emissions regulations, and a driver shortage are putting pressure on profits. Traditional logistics methods are struggling to meet sustainability goals and the need for faster, more efficient transport.
Here’s where Swedish freight tech company Einride believes it has the answer. The company, known for its electric and autonomous freight solutions, has secured a $113 million oversubscribed PIPE (Private Investment in Public Equity) round to support its proposed business combination with Legato Merger Corp. III.
The PIPE round drew commitments from both new and existing backers, including a global asset management firm based on the US West Coast and Stockholm-based EQT Ventures.
With this round, total capital committed in connection with the transaction now stands at approximately $213 million. That includes the newly announced $113 million PIPE and Einride’s earlier $100 million crossover financing.
The latest raise exceeds the company’s earlier target of up to $100 million in additional capital, signalling stronger-than-expected investor appetite.
What will the funding support?
The fresh capital is expected to accelerate Einride’s technology roadmap, autonomous freight deployments across North America, Europe, and the Middle East, expansion of its intelligent freight platform, and broader commercial applications of its digital logistics system.
“This PIPE reflects strong investor confidence in Einride’s mission to transform global freight through autonomous and electric technology,” said Roozbeh Charli, Chief Executive of Einride. “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.”
Eric Rosenfeld, Chief SPAC Officer of Legato, described Einride as a leader at the intersection of autonomy, electrification, and logistics. He added that the PIPE underscores the company’s long-term growth opportunity as it prepares to enter public markets.
$1.35B valuation and planned NYSE listing
The proposed transaction values Einride at a pre-money equity value of $1.35 billion. If completed, the deal is expected to deliver around $333 million in gross proceeds, including the $113 million PIPE financing as well as approximately $220 million in cash held in Legato’s trust account (before redemptions and transaction costs).
The companies may also pursue additional capital around closing to support long-term operating plans.
Subject to shareholder approval and regulatory clearances, the combined company plans to list its shares on the New York Stock Exchange (NYSE) in the first half of 2026 under the proposed ticker symbol “ENRD.”
“Einride continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics,” said Eric Rosenfeld, Chief SPAC Officer of Legato. “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.”
Founded in 2016, Einride is a technology company that develops and operates digital, electric, and autonomous freight solutions to accelerate the transition to future-proofed transportation in a cost-efficient way.
Its technology platform includes AI-powered planning and optimisation, autonomous technologies, one of the world’s largest electric heavy-duty fleets, and charging infrastructure. Einride is serving customers across North America, Europe, and the Middle East.
