Einride valuation tops $1 billion as truck startup raises funds

Einride AB raised about $100 million in funds in a round that values the Swedish driverless truck startup at more than $1 billion, according to a person familiar with the matter, who spoke on the condition of anonymity discussing private information.

That’s more than double its valuation of €400 million ($469 million) in a 2021 funding round. Einride declined to comment on its valuation.

Investors in the round are a mix of existing and new investors, the company said in a statement on Wednesday. They include EQT Ventures and an unidentified global asset management company based on the US west coast. IonQ Inc. provided a strategic investment.

“The capital will power Einride’s next phase of growth as it scales the deployment of its autonomous freight solutions, deepens technology development, and continues its expansion with customers,” the company said. The move follows “a year of sustained growth for Einride with net sales more than doubling in 2024, a successful expansion into Austria and the UAE, and a growing footprint with global shippers across Europe and North America.”

Einride, founded in 2016, initially aimed to produce its own electric trucks, but has since shifted its focus toward complete systems and solutions for companies, sourcing electrical trucks from manufacturers such as Traton SE-owned Scania CV AB. It’s been considering a listing in the US.