Einride, the developer and provider of electric and autonomous freight mobility technology, announced that it has raised $110 million Series B funding from new investors Temasek, Soros Fund Management , Northzone, Maersk Growth and Build Capital. Existing investors EQT Ventures, Plum Alley Investments, Norrsken VC, Ericsson and NordicNinja VC also participated in the round.
This most recent addition of financing will be used to scale up deployments with Einride’s major customer base in Europe and the U.S.
According to Global Industry Analysts , the global market for freight trucking reached $4.2 trillion in the year 2020 and is projected to reach $5.5 trillion by 2027. In 2020, the U.S. road freight market reached an estimated $1.1 trillion. This, coupled with the fact that road freight accounts for 7% of global CO2 emissions, has resulted in an overwhelming demand for long-term sustainable transport solutions.
Einride, whose existing customers include Coca-Cola, Oatly, Lidl and Electrolux, is the provider of intelligent solutions for both autonomous and electric freight transportation. Its ethos lies in sustainability and cutting-edge technology that drives cost efficiency. Since its inception it has helped reduce customer CO? emissions by 94% compared to driving with diesel, including embodied emissions.
Einride was founded in 2016 by Robert Falck, Linnéa Kornehed, and Filip Lilja and is recognized as the world’s first company to operate autonomous, all-electric freight vehicles on commercial routes on public roads. Its most well-known product is the Einride Pod, a cutting-edge solution to cabless freight mobility. It’s the only driverless freight mobility vehicle on the market and in commercial use. The Einride Pod also holds the current global speed record for electric and autonomous freight. Einride operates the largest fleet of heavy electric trucks in Europe together with its customers.
In addition to its business-to-business transportation modules, Einride offers the Einride Mobility Platform, a cloud-native transport execution system for autonomous and electric road transport that allows customers to use real-time information and data driven insights to implement sustainable, cost-efficient, and high-performing transport logistics.
“We are proud to be backed by some of the world’s most notable investors as they support our mission of becoming the provider of freight transport-as-a-service,” said Robert Falck, CEO and co-founder of Einride. “Their network, reach and experience will be invaluable as we further accelerate our strong momentum as the leader in autonomous and electric freight transportation, and as we expand into new markets. Einride is dedicated to transforming road freight transport as we know it, making it more cost-efficient, safe, and sustainable.”
“With our global reach and expertise, we want to act as a catalyst for the next generation of logistics power players, as an investor and as a partner,” said Jeppe Høier, Partner at Maersk Growth. “We look forward to being part of Einride’s mission to electrify and decarbonize inland transport globally.”
“The road freight market is at an inflection point, with consumer demand and regulation pushing shippers to look for sustainable alternatives,” said Jessica Schultz, General Partner at Northzone. “Einride has emerged as the category leader, allowing global shippers to shift to electric and autonomous freight options. We’ve been blown away by the quality of the Einride team and are proud to support their journey towards the future of freight.”
“Einride has one of the most ambitious teams I’ve met as a VC. What’s more, they have a clear and important mission, drastically lowering global freight emissions,” said Ted Persson, Partner at EQT Ventures. “As a purpose-driven investment organization ourselves, we’re proud to be supporting them on this journey as they lead the transition to sustainable freight. Their impressive list of customers and partners positions Einride uniquely in the marketplace.”
“The rapid growth of Einride has energized the entire industry,” said Avantika Daing, Managing Director and Partner at Plum Alley Investments. “Einride has spearheaded innovation in the autonomous and electric freight transportation industry and the growth in business application is a steady sign that the future of freight has begun. “As early pioneers, we believe in Einride’s ability to become a global solution to sustainable and cost-competitive road freight transport.”