Instabox, a Stockholm-based company providing last-mile deliveries for e-commerce brands, has closed a $90 million Series B round led by EQT Ventures to fuel continued expansion within and outside of the Nordics. Just last April, the company secured €36 million in financing at a €100 million valuation.
The logistics company prides itself on its carbon-efficient system, which consolidates deliveries through a hyper-local fulfillment network of smart lockers, where people can pick up their goods. “The shipping industry consists of ancient postal companies using fossil fuels and fossil tech,” says CEO and co-founder Alexis Priftis.
Though not all of Instabox’s sustainable solutions are necessarily high tech. Last summer saw the launch of Instabikes, a home delivery service where couriers pick up packages from the lockers and ride to the customer. All in all, Instabox promises a maximum of six hours between merchant and buyer.
This year the company does plan to enter more new countries, beyond the current Norwegian and Danish markets. For now, it claims to be the largest and fastest growing last-mile logistics startup in Sweden, growing by over 300 percent annually and delivering more than one million parcels each month.