Startup Einride decided to raise more money
2022.12.07 06:31
Startup Einride decided to raise more money
Budrigannews.com – Einride, a Swedish startup developing electric self-driving trucks, announced on Wednesday that it had reached an agreement to raise $500 million through debt, equity, and the conversion of previous loans, accelerating the company’s ability to target new markets and customers.
Barclays signed a $300 million debt facility (LON:). Europe, while new and existing investors, including EQT (NYSE:) contributed $200 million in equity. and Northzone, according to Einride’s statement.
The conversion of previous debts into shares accounted for approximately $90 million of the equity. Following the most recent share issue, Einride declined to disclose the company’s valuation.
This year, some fast-growing tech companies have struggled to raise money, while others, like Klarna Bank, a Swedish payments company, have enticed investors with steep discounts compared to earlier valuations.
“Now is the ideal opportunity to follow up on creating as well as speeding up the execution of innovation that will make a cleaner, more secure and more productive method for moving merchandise,” said Einride’s pioneer and CEO Robert Falck.
The self-driving technology for freight trucks that underpins the company’s operations has attracted the attention of investors in recent years because it is thought to be less expensive and easier to deploy than self-driving cars.
Because they operate on fixed routes between predefined points, mostly on major highways without intersections or pedestrians, self-driving freight services require less mapping than other technologies.
