Einride, the autonomous, all-electric transport provider today announced its $25 million Series A round. The investment was co-led by the EQT Ventures fund ("EQT Ventures"), the European multistage VC fund with commitments of over €566 million and NordicNinja VC, a deep tech focused €101 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 organizational 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”, says 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”, Mr Falck commented further.
"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”, says 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"
Einride was founded in 2016 by Robert Falck, Linnéa Kornehed and Filip Lilja. The company is a pioneer in AET(Autonomous Electric Transport)-systems. Einride has achieved several world-firsts over the last years. In November 2018, the company joined forces with logistics company DB Schenker to start a commercial installation of an all-electric, autonomous truck, at a DB Schenker facility in Sweden. Earlier this year, the Einride pod became the world´s first autonomous, all-electric truck to operate a commercial flow for DB Schenker with a permit on public road. The company has been globally recognized for its technology as well as the progressive design of transport vehicles. The Einride pods are designed for autonomous, all-electric which for example means that the vehicles do not have a cab or room on board for human drivers.
"Plum Alley Investments is proud to support Einride's all-electric road freight transport solution driving an essential evolution in the $2T global industry. Einride’s multimodal approach to logistics autonomy includes a full-stack software that enables all fleet operators to improve efficiency while slashing CO2 emissions - directly addressing its 7% of global carbon footprint. We are glad to be funding a team that challenges industry standards, offering a first to market, cost-effective and sustainable solution to the entire freight industry." - Avantika Daing, Managing Director and Partner, Plum Alley Investments.
"Einride is perfectly aligned with Norrskens vision and strategy: to back companies that use innovative, disruptive technology to make the world a better place. Road freight accounts for around 7% of global energy-related CO2 emissions, and the transition from fossil fuels is not going fast enough. Einride's solution combines reduced CO2 emissions with higher productivity and cost efficiency for their customers. With both economic and environmental incentives in place, we strongly believe that Einride will drive a revolutionary, long lasting and necessary change of this industry, says Tove Rådelius, investment manager at Norrsken."
“Plug and Play’s goal is to bring together key stakeholders in different industries to facilitate partnerships. We are thrilled to back such a stellar team on their mission to make transportation more sustainable and cost-effective,” said Saeed Amidi, Founder and CEO of Plug and Play. “Einride’s technology has created a more energy-efficient solution that is pioneering change for the future and we’re proud to have them as part of our portfolio.”