The self-driving electric truck startup Einride has raised $25M in a Series A financing round and says it is to help the expansion into the US. The Sweden-based business already partners with DB Schenker for the so-called pods.
Einride added the new funding round was led by private-equity firm EQT’s venture capital fund EQT Ventures and NordicNinja VC. Chief Executive Robert Falck said, “the funding will allow us to start expanding in the U.S., deliver on our technology road map and to meet rapidly increasing customer demand.”
Already in November 2018, Einride and DB Schenker started the first commissioning of a T-Pod on the site of a DB Schenker plant in Jönköping. Half a year earlier, the two companies had reached an agreement under which the option of similar projects abroad would be discussed. In July last year, Einride revealed the prototype of the T-log – a fully electric, autonomous lumber truck.
Apart from the cooperation with Schenker, Einride said it has orders from German grocer Lidl, Swedish delivery company Svenska Retursystem and other Fortune 500 retail companies. The company aims to have 200 electric truck in logistics operation by the end of 2020.
For this funding round, Einride didn’t disclose the valuation of the business nor any potential clients overseas. Other investors included Ericsson Ventures, Norrsken Foundation, Plum Alley Investments, and Plug and Play Ventures.
– ADVERTISEMENT –