Swedish Delivery Firm Instabox Raises $190M

Delivery service Instabox has raised $190 million in a growth equity round that valued the Swedish company at north of $1 billion.

As Tech EU reported Thursday (April 21), the automated parcel locker company plans to use the funding to expand throughout Europe, upgrade its tech stack, and invest in sustainability.

Founded in 2015, the Stockholm-based firm describes itself as a service that lets “select online partners” receive deliveries at smart boxes seven days a week.

“The global parcels market continues to grow every year, and Instabox’s lightning-quick, hassle-free, and completely fossil fuel-free shipping set us apart from traditional shipping companies,” said Co-founder and CEO Alexis Priftis. “The new funding will help us build on that and further improve our service, making it even more sustainable and customer-focused.”

Instabox has raised around $327 million to date. The company recently acquired Norwegian logistics and eCommerce delivery solutions firm Porterbuddy, whose majority shareholder Verdane became a majority shareholder in Instabox and helped back this new round.

Verdane’s Christian Jebsen tells Tech EU the investment firm is “well placed to support Instabox’s geographical expansion, drawing on our significant experience scaling sustainable consumption and digital consumer businesses across the Benelux, DACH, and Nordic regions.”

In addition to Verdane’s commitment, investors in this round included returning backers Creades, EQT Ventures, Tham Special Investment AB, Nineyards, Tacito and M2 Asset Management, as well as several new, and undisclosed, investors.

Learn more: Retail Robotics Launches New Delivery Solutions

Earlier this month, Poland’s Retail Robotics launched a number of new delivery solutions, including the robotic parcel locker PickupHero, which reduces costs for logistic providers by as much as 90%.

“It fits 90% of local stores and gives a top customer experience without the involvement of a salesperson,” the company said. “The additional advantage for local shops is a 70% pick-up-to-purchase ratio.”