After snapping up The Netherlands’ Red je Pakketje last May, Swedish last-mile delivery company Instabox has done it again; this time acquiring Norwegian logistics and e-commerce delivery solutions firm Porterbuddy. The acquisition signals Instabox’s further commitment to, and marked high growth rates within the Norwegian market.
While the exact financial details of the deal remain undisclosed, in an interesting move, Porterbuddy’s majority shareholders Verdane and Canica will reportedly reinvest their entire proceeds and double down with a fresh injection of capital. In doing so, Verdane/Canica will then become one of Instabox’s largest shareholders.
“With two of Europe’s most forward-leaning solutions for home delivery coming together, the Verdane team will draw on its experience from scaling more than 40 digital consumer businesses to support Instabox as it moves to provide greener and more user-friendly options,” commented Verdane’s Christian Jebsen.
Founded in 2015 in Stockholm, Instabox has one of the largest parcel locker box networks across the Nordics. Its partner list includes retail giants H&M and IKEA, as well as well-known brands Apotea and Boozt. The firm counts more than 2,000 automated lockers in Sweden, Denmark, and Norway, with Germany now on the horizon, and has shown an impressive growth rate of over 300% per year, posting revenues exceeding €67.5 million in 2021.
Launched in 2017, Porterbuddy reaches approximately 60% of the Norwegian population, catering to the greater Oslo area as well as along the coast to Kristiansand, Stavanger, Bergen, and Trondheim in the north.
“We've had our eyes on Porterbuddy for a while, as one of the most innovative last-mile companies in the Nordics,” commented Instabox founder and CEO Alexis Priftis. “I'm particularly impressed by their 4.9 out of 5.0 user rating which means that they share our obsession with user satisfaction, as well as their home delivery tech stack which I believe is one of the strongest out there.”