Swedish logistics tech company Instabox has closed a €36 million financing round (approximately $39 million), boosting the business’ valuation to €100 million (approx $109 million). Swedish investor Creades and London-based credit specialist CORDET participated in the round.
Instabox handles logistics for e-commerce retailers, offering same-day delivery through its network of last-mile smart delivery lockers. The service reaches about six million Swedes, delivering from the likes of H&M, Ikea, and Lloyds. In a press release, the company claims its growth has more than tripled each year over the last few years.
The latest financing round consists of a new equity issuance of €5 million (approx. $5.4 million), the purchase of existing shares worth €9 million (approx. $9.7 million)and a credit facility of €23 million (approx. $25 million).
As for what’s next, co-founder and CEO Alexis Priftis explained: “With the new funds, we aim to radically increase the number of parcel lockers in Sweden from 400 to between 2000-3000. In addition, the new equity will enable us to expand our offering to more markets outside of Sweden.”
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