Einride, the autonomous, all-electric transport provider announced its $25 million Series A round. The investment was co-led by the EQT Ventures fund, the European multistage VC fund with commitments of over €566 million ($622.6 million) and NordicNinja VC, a deep tech focused €101 million ($101.1 million) Nordic & Baltic fund backed by Panasonic, Honda, Omron and the Japan Bank for International Cooperation (JBIC). Other investors joining the round include Ericsson Ventures, Norrsken Foundation, Plum Alley Investments and Plug and Play Ventures.
The funds will support both organisational growth and continued investments in Einride’s software platform as well as further international expansion, enabling the company to keep on building demand for sustainable transport and delivering on its growing number of customer contracts with major global players like logistics provider DB Schenker, supermarket chain Lidl and large US based transport intensive companies.
“Our ambition is to disrupt the transport industry and closing our series A brings us one step closer to that goal. The funding will allow us to start expanding in the US, deliver on our technology road map and to meet rapidly increasing customer demand,” said Robert Falck, CEO & Founder of Einride.
“We are proud to have such a strong line-up of international investors joining Einride as shareholders. Their support and combined experience will help us to continue delivering new commercial milestones and technological breakthroughs, transforming road freight transport as we know it, making it more efficient, safe and sustainable,” Falck added.
“Einride’s solution in transportation solves the environmental, safety and manpower problems that have haunted the industry for years. Moreover, their fleet system has a unique potential to make long distance ground transport as reliable as water. This is truly revolutionary,” said Marek Kiisa, the Managing Partner of NordicNinja VC.
“Einride is taking on the huge challenge of revolutionising the jurassic global transportation market by automating and electrifying transportation to reduce CO2 emissions,” said Ted Persson, Operating Partner and Investment Advisor at EQT Ventures. “Einride’s approach of tying together software and hardware to take transportation into the future is by far one of the most ambitious I’ve seen as an investor in Europe. The EQT Ventures team is excited about joining the Einride team on the next stage of the company’s journey.”