Budbee, a Stockholm, Sweden-based 'logtech' startup which offers a sustainably-focused last-mile delivery service, this morning announced that it has raised 525 million Swedish krona (roughly €52 million at current exchange rates).
The financing round was led by AMF, one of Sweden’s leading pension companies; it put up almost half of the cash to become one of the startup's three largest shareholders. Prior backers Stena Sessan, Kinnevik, and H&M CO:LAB all participated in the round.
Budbee says it will use the funding for international expansion, and to invest in its technology platform as it intends to significantly grow its team of 200 staff. At present, it operates in Sweden, Denmark, Finland and The Netherlands, working with the likes of (investor) H&M, Zalando and Asos.
Fredrik Hamilton, the founder and CEO of Budbee, said:
"When I founded Budbee in 2015, my team and I quickly recognized the enormous potential of technology to transform e-commerce deliveries. Today we have built a service that is loved by millions of people in Sweden, The Netherlands, Denmark, and Finland. AMF is one of Sweden's leading pension companies and we are very happy to welcome them on board as a long-term owner, supporting our ambition to expand and improve e-commerce shopping for millions more within Europe."