Swedish logistics tech company Instabox has closed a €36 million financing round, boosting the business’ valuation to €100 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, the purchase of existing shares worth €9 million and a credit facility of €23 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.”
Photo: Instabox founders Staffan Gabrielsson, Alexis Priftis and Johan Lundin