Swedish startup Einride, known for its unique electric and autonomous freight pods, has raised one hundred million dollars from a group of new and existing investors. The company’s largest shareholder, EQT Ventures, participated in the round. The funding also included an undisclosed strategic investment from the quantum computing company IonQ. Neither Einride nor its investors disclosed the company’s valuation following this investment.
This new funding arrives as Einride adapts to a new chief executive officer and works to scale its three core business products. These products are electric big rigs, autonomous pod-like trucks that operate on fixed routes, and planning software for shippers. Einride CEO Roozbeh Charli stated that the capital will enable the company to grow alongside its customers and accelerate the deployment of its autonomous freight technology.
Founded in 2016, Einride began in Sweden with a mission to transform the freight industry. Its initial focus was on electric trucks, which was later followed by the development of electric autonomous pods. These pods are purpose-built without a steering wheel or pedals for self-driving.
The company has since expanded beyond Sweden. It now operates a fleet of heavy-duty electric trucks in Europe, North America, and the UAE for major clients such as PepsiCo, Carlsberg Sweden, and DP World. Einride has also made progress with its autonomous pod-like trucks, securing customers like Apotea in Sweden and GE Appliances in the United States.
A partner at EQT Ventures, Ted Persson, commented on the investment. He said that Einride is building the most complete and forward-looking freight ecosystem available. He also noted that Nordic technology has a history of being underestimated before it quietly rewires an entire industry, which is what he believes Einride is accomplishing in freight.
Internally, Einride has undergone changes and, like the rest of the emerging autonomous vehicle sector, has faced the long and costly challenge of moving from development to commercial operations.
Five months ago, co-founder Robert Falck stepped down from the CEO role to become executive chairman of the board, focusing on long-term strategy. This move promoted then-CFO Roozbeh Charli to the top leadership position.
Prior to this latest round, Einride raised five hundred million dollars in 2022 in a combination of equity and debt. The equity portion of two hundred million dollars came from backers including Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Structure, and Norrsken VC. The company also secured three hundred million dollars in debt funding led by Barclays Europe.