Citibox raises €80M to expand smart mailbox network in Spain

Spanish small mailbox startup Citibox has raised €80 million in debt funding, led by Growth Credit Partners (London) and CoVenture (New York), to expand its network of smart mailboxes throughout Spain.

It is estimated that 15 percent of all e-commerce deliveries made in Spain fail on the first attempt because the recipient is not home at the time of delivery or return. 

Founded in 2016, Citibox provides smart mailboxes installed inside residential buildings. These mailboxes are available 365 days a year, 24 hours a day, so deliveries and returns are carried out successfully on the first attempt and at any time.    

Citibox not only improves the productivity and bottom line of companies in the sector but also contributes positively to the transformation of cities, turning them into more sustainable environments. Because all deliveries are made the first time, it translates into fewer delivery van movements, generating less traffic congestion and managing to reduce CO2 emissions by 52 per cent per package delivered during the day and in 69 per cent at night.    

According to David Bernabeu, founder and CEO of Citibox:

“One of our great financial challenges has been to be attractive to the debt markets. We have carried out the most important bond issue by a startup in Spain, with the help of large international funds.

Thanks to this operation, we are going to scale our expansion in Spain, multiplying our number of smart mailboxes by 10.”   

This debt operation allows Citibox to boost its growth in Spain while keeping its shareholding intact. In the next three years, it plans to install over 600,000 smart mailboxes in residential buildings, reaching 50 per cent  of residents in the top 10 Spanish cities.

To date, in addition to the €80 million it has just raised through bond issuance, Citibox has raised €50 million. It acquired Celeritas in 2023 to boost its returns business.    

Lead image: Citibox. Photo: uncredited.