Swedish startup Einride has raised $100 million from EQT Ventures and IonQ to scale electric trucks, autonomous pods, and software for carriers.
Einride Receives $100 Million to Expand Electric Trucks and Autonomous Pods
Einride, a Swedish startup specializing in electric and autonomous trucks, announced the raising of $100 million. The round was led by EQT Ventures, and among the investors was also noted quantum computing company IonQ. The valuation of the startup after the deal was not disclosed.
The funds will be used to develop three key areas: electric trucks, autonomous trucks that travel on fixed routes, and transportation planning software.
Entering international markets
Einride was founded in 2016 and started in Sweden with the aim of transforming freight transport. The company now operates in Europe, the US and the UAE, with clients including PepsiCo, Carlsberg Sweden and DP World.
The first customers for the autonomous pods are Apotea in Sweden and GE Appliances in the US. The vehicles are designed without a steering wheel or pedals and were designed from the ground up to be self-driving.
Leadership changes
Five months ago, co-founder Robert Falk stepped down as CEO to focus on strategy as chairman of the board. He was replaced by former CFO Ruzbeh Charley.
Investors and previous rounds
In 2022, Einride has already raised $500 million in a Series C: $200 million in equity and $300 million in debt financing led by Barclays Europe. Investors include Northzone, Temasek, AMF, Polar Structure and Norrsken VC.
EQT Ventures, the company’s largest shareholder, said Einride is “building the most complete ecosystem for freight transportation.”
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