Today the Swedish logistic disruptor Instabox announces that the company has completed a financing round of €36 million in total, valuing the company at €100 million. The financing round consists of a new equity issuance of €5 million, the purchase of existing shares worth €9 million and a credit facility of €23 million. The new investment will be used to fuel further expansion of the company’s smart parcel lockers across existing and new markets in Europe as well as growing the team.
Last year was a successful year for Instabox, skyrocketing its revenue and increasing its physical presence by more than 100%. The Stockholm-based startup (founded in 2015) strengthened its offering with new customers in important segments such as fashion and home electronics. Today, Instabox’s last-mile smart delivery lockers reach 6 million Swedes shopping from some of the biggest e-commerce businesses in Sweden such as H&M, IKEA, Lloyds, and UPS.
Alexis Priftis, CEO and co-founder of Instabox says: “Since we started, we have more than tripled our revenue every year. I’m excited to have secured additional funding to boost our growth pace even further. 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.”
Along with the successful investment round, the company now welcomes new renowned owners. London based CORDET, a mid-market credit lending partner, grants the company a credit facility of €23 million. Nasdaq listed Sweden based investment company, Creades, invests €7 million in Instabox and becomes one of the main shareholders of the company.
John Hedberg, CEO at Creades comments on the investment: “The logistics industry is rapidly digitizing and we see great potential for Instabox, which is a clear market leader in this area. In just a few years, the company has managed to create a scalable offering that is at the forefront for both the e-retailers and their customers. We believe that the company has all the prerequisites to continue to grow and gain market shares in both Sweden and in new markets”
Magnus Lindquist, co-Managing Partner at CORDET, says: “With a modern tech platform and a truly entrepreneurial spirit, the team at Instabox has successfully built a fantastic business. The business benefits from recurring revenue, a high level of digitalization and a strong cash flow potential which makes Instabox a good fit for CORDET’s investment philosophy. We look very much forward to supporting the company on its exciting growth journey ahead”.
via https://www.AiUpNow.com/ by contact@bcurdy.com, Khareem Sudlow
