Einride and Legato Merger Corp. III Secure $113 Million for Strategic Collaboration in Freight Technology

Einride and Legato Merger Corp. III Secure $113 Million in Capital Raise

Einride AB, a trailblazer in electric and autonomous freight technology, has taken a significant step forward by announcing a $113 million oversubscribed capital raise. This initiative supports the company's proposed merger with Legato Merger Corp. III, a special purpose acquisition company, designed to bolster Einride’s growth and technology development.

Overview of the Capital Raise

The recent financing effort was met with enthusiasm from both new and existing investors, including a prominent global asset management firm based in the western United States and EQT Ventures from Stockholm. The capital from this round is earmarked for advancing Einride’s technology roadmap as well as facilitating its expansion into autonomous freight operations across various regions, including North America, Europe, and the Middle East.

This PIPE (Private Investment in Public Equity) financing has garnered a total commitment of approximately $213 million, combining the $113 million received and an earlier $100 million crossover financing already announced. Such significant support exceeds the company’s initial expectations to raise merely up to $100 million in forms of additional capital to assist the merger.