After bagging $110 million in a Series B round in May of 2021, Sweden’s electric and autonomous freight mobility maker Einride is back for more with a half-billion USD raise. The funding comprises a $200 million Series C round (including a $90 million convertible note raised earlier this year) and a $300 million debt facility. This now brings Einride’s total figure raised to a robust $652.3 million.
The equity portion of the raise was provided by Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek amongst other undisclosed investors, and is aimed at fueling new developments at the company as well as driving expansion into new markets and bringing its offer to new clients.
On the debt side of things, the $300 million was led by Barclays Europe, and significantly, represents the largest asset-backed facility in heavy-duty electric transport to date. An initial $150 million will be rolled out as of January 2023 and is aimed at ensuring that Einride is in the game for the long haul. The multi-jurisdictional, multi-currency facility supports Einride’s global fleet across the US and Europe, including other future planned expansions.
“The time is now to act on not only developing but accelerating the implementation of technology that will create a cleaner, safer, and more efficient way to move goods,” said Einride CEO and founder Robert Falck. “We’ve created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from our investors and shared belief in this mission, we’ll continue to drive disruptive change to global freight at scale.”
In the past 12 months, Einride has announced expansions into several European countries including Germany, Belgium, Netherlands, Luxembourg, and Norway, as well as deployed operations for numerous new clients including Electrolux, GE Appliances, a Haier company, and Bridgestone. Most recently, the company announced a partnership with prolific provider of libations, AB Inbev.
In October of 2022, Einride successfully completed a pilot on a US public road with its autonomous vehicle, becoming the first company to receive approval to do so for a vehicle without a safety driver on board.