Swedish last-mile delivery companies Instabox and Budbee to become Instabee in $1.7B merger
By Editor - Mon Sep 19, 3:19 am
Swedish last-mile delivery companies Instabox and Budbee have have announced plans to merge in a 18 billion krona ($1.7 billion) deal. The two companies, which were both founded out of the Stockholm area in 2015, serve as the delivery and logistics partner for major brands including multinational clothing retailer H&M, offering delivery services directly to people’s homes as well as automated lockers in strategic locations. Instabox operates in Sweden, Denmark, the Netherlands, Norway, and Germany, while Budbee serves Sweden, Denmark, the Netherlands, Finland, and Belgium. Instabox had raised around $336 million since its inception, and recently hit a $1 billion valuation off the back of a fresh round of funding, while Budbee was recently valued at around $700 million , which is how the new combined entity arrived at its valuation of $1.7 billion.
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