Budbee adds $9.3M in investment from Kinnevik

Sweden Investments 26 April 2018
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Budbee, a Stockholm, sweden-based company managing a marketplace that connects distribution companies and companies who need to get their goods delivered to consumers, secured SEK 80M ($9.3M) in capital investment.

The money comes from Investment AB Kinnevik, and was disclosed in an interim report of the company about its performance in the first quarter of 2018. Kinnevik is a Swedish investment company that was founded in 1936 by the Stenbeck, Klingspor and von Horn families.

Budbee, founded in 2012 and led by CEO Fredrik Hamilton, developed and manages an online marketplace connecting distributors and companies that need to get supplies to consumers. The company is yet to become profitable at a turnover of about SEK 17M (2M) in 2016.

Budbee has raised more than $5M in risk capital over the years from a multitude of Swedish angel investors. The shareholders list also includes H&M, through H&M's investment arm, H&M CO:LAB, which took over a part of the company from existing investor, 41:an Invest AB in 2017. Both H&M and 41:an Invest AB are connected through Karl-Johan Persson, one of the most famous Swedish executives, both as investor and as CEO of H&M, which was founded by his grandfather Erling Persson.