Swedish EV startup Einride and its SPAC (special purpose acquisition company) Legato have raised $113m ahead of its planned listing later this year.
The financing came from new and existing investors, including an unnamed global asset management company based on the West Coast of the US and Stockholm-based EQT Ventures.
Founded in 2016 and based in Stockholm and Texas, Einride assists companies switch their logistics to electric and autonomous vehicles. Its business model combines “Freight-Capacity-as-a-Service” with a SaaS platform that provides the full ecosystem requireded to run electric and autonomous operations.
So far, investors have committed around $213m to support the listing, including the latest funding announcement and Einride’s previously announced crossover financing of approximately $100m. The funding announced now exceeds the previous announced expectations of raising $100m.
The new capital will be utilized to support Einride’s tech development and global expansion, including autonomous deployments across North America, Europe, and the Middle East, as well as investments in other commercial applications of its freight platform, according to the CEO, Roozbeh Charli.
“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 innotifyigent freight platform,” Charli declared in a statement.
Are SPACs on the rise again?
SPACs are listed shell companies that raise money from investors to merge with a private business, saving them the time and money usually required for a full IPO roaddisplay.
In 2021, SPAC listings were extremely popular. In the US, there were 613 SPAC IPOs that year, compared to around 60 for the first half of 2025.
SPACs have proven challenging for some European companies. Healthtech company Babylon Health went public in 2021 with a valuation of over $4 bn, only to file for bankruptcy two years later. Another example is eVTOL startup Lilium, which also faced insolvency after a SPAC listing.
In the US freight and autonomous vehicle space, companies such as Nikola Corporation, Lordstown Motors, Canoo, and Electric Last Mile all went public via SPACs and later filed for bankruptcy, often due to difficulties scaling production.
Einride is not the only tech company that is planning a SPAC in the near future. Finnish quantum startup IQM announced earlier this week that it was also planning for a SPAC listing in New York.
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