Swedish Autonomous Truck Startup Einride Raises Funding

Swedish startup for electrified self-driving trucks On Wednesday, Einride said that it has decided to raise $500 million in financing through debt, equity, and the conversion of prior loans, accelerating the company's ability to explore new markets and clients.

According to a statement from Einride, a $300 million debt facility with Barclays Europe was agreed with, while $200 million in equity came from both new and current investors, including EQT and Northzone.

The majority of the equity—about $90 million—came from the conversion of prior debts into shares. After the most recent share offering, Einride chose not to disclose the company's valuation.

While some rapidly expanding internet companies have had difficulty raising money this year, others, like the Swedish payments firm Klarna Bank, have drawn investors by giving deep discounts compared to earlier valuations.

According to Robert Falck, founder and CEO of Einride, "the moment is now to act on not only creating but speeding the deployment of technology that will produce a cleaner, safer, and more effective way to move commodities."

The company's operations are built on self-driving technology for freight trucks, which has drawn investor interest recently because it is thought to be less expensive and simpler to implement than self-driving vehicles.

Since self-driving freight services typically travel set routes between predetermined sites, usually on major roads devoid of crossings and pedestrians, they require less mapping than other technologies.