Swedish last-mile delivery organizations Instabox and Budbee are merging in a $1.7 billion (18 billion krona) deal.
The new combined company will additionally invest in and push the boundaries of – consumer-centric and endurable last-mile delivery services for the e-commerce sector.
The company is valued at €1.67 billion, and the founder, along with Swedish investment firm Kinnevik, will be Instabee’s largest shareholder. It also includes prior backers, including EQT, Creades, Verdane, AMF, Stena Sessan, Tham Invest, H&M, and CNI Nordic.
Instabox was founded in Stockholm in 2015 and offered free deliveries to smart, automated parcel lockers. It also added home deliveries last year.
It serves five countries: Sweden, Denmark, Norway, the Netherlands, and Germany.
“With the combination, we expect Instabee to continue to develop its customer proposition, building on the two companies combined expertise and know-how. We look forward to continuing to be a leading shareholder in Instabee as its growth journey continues,” said Georgi Ganev, CEO of Kinnevik.
Founded in 2016, Budbee initially emphasized making home deliveries faster, wiser, and more suitable for consumers. The firm then added boxes in 2020. and operates in Sweden, Finland, Denmark, the Netherlands, and Belgium.
The two companies have been led by their founders, who will have active roles after the merger. In the new company, Budbee’s founder, Fredrik Hamilton, will take the position of CEO, and Instabox’s founder, while Alexis Priftis will become executive chairman of the board.
Alexis Priftis said, “I think that this is a great fit between two companies that share a lot of common values. I’m happy that we are now getting behind the joint goal to transform the world of e-commerce shipping with our obsession with the customer experience and sustainability close to heart.”
“Instabox feels like a perfect match, and I look forward to getting to know all my new colleagues,” added Fredrik Hamilton.
