Budbee raised $11 million from Kinnevik and other existing investors.
Budbee, a Stockholm, Sweden-based company operating a last-mile logistics service specialized for e-commerce businesses, confirmed that it increased the capital with SEK 106M ($11M).
The money was provided by existing shareholders of the company, including Investment Kinnevik, which post transaction will control 30% of the company.
Budbee, founded in 2012 and led by CEO Fredrik Hamilton, built a product that helps ecommerce companies with the delivery logistics. The company is active in Sweden, Finland, Denmark and the Netherlands and, according to its claims, it grew its revenue 5x since 2017, when it recorded SEK34 million ($3.5M).
Prior to this capital raise, Budbee raised $20M from investors from Sweden including H&M, Kinnevik and 41an Invest.