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Stormtrooper-like autonomous truck startup hits $110M funding, London VC Northzone also participates

Image credits: Einride

According to Global Industry Analysts Inc, the global market for freight trucking reached $4.2 trillion (approx £3 trillion) in the year 2020 and is projected to reach $5.5 trillion by 2027.

Based out of Stockholm, Einride is a Swedish technology company behind the logging self-driving trucks, which looks like a cross between a big rig and Stormtrooper. 

Raised £79 million

Recently, the company has raised $110 million (approx £79 million) in Series B funding from new investors Temasek, Soros Fund Management LLC, Northzone, Maersk Growth and Build Capital. 

Existing investors including EQT Ventures, Plum Alley Investments, Norrsken VC, Ericsson, and NordicNinja VC, also participated. The funding will be used to scale up deployments with Einride’s major customer base in Europe and the US. 

World’s first

Founded in 2016 by Robert Falck, Linnéa Kornehed, and Filip Lilja, Einride is the world’s first company to operate an autonomous, all-electric freight vehicle on a commercial route on a public road with its Pod vehicle.

Dubbed as Einride Pod, it is the only driverless freight mobility vehicle on the market and in commercial use. 

On top of that, Einride offers the Einride Mobility Platform, a cloud-native transport execution system that allows customers to use real-time information and data-driven insights to implement sustainable, cost-efficient, and high-performing transport logistics. 

Einride, whose existing customers include Coca-Cola, Oatly, Lidl, and Electrolux, is the leading provider of intelligent solutions for both autonomous and electric freight transportation. 

Reduced CO₂ emissions by 94%

Since its inception, the Stockholm-based company has helped reduce customer CO₂ emissions by 94% compared to driving with diesel, including embodied emissions.

“We are proud to be backed by some of the world’s most notable investors as they support our mission of becoming the leading 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 the 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.”