Budbee raises $5.4M from H&M and Kinnevik, wants to expand to the Netherlands.
Budbee, a Stockholm, Sweden-based company operating a last-mile logistics service specialized for e-commerce businesses, announced the completion of a new investment round of SEK 50M ($5.4M).
The round, which values the company at SEK 940M ($101M), was financed by existing investors H&M and Kinnevik - the latter contributed with SEK 45.5M. In 2018, Budbee raised $9.3M in investment from Kinnevik at a roughly $40M valuation.
Following the investment, Kinnevik will own about 24% 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 operating in Stockholm, Gothenburg, Malmö, Copenhagen and Helsinki and in 2017 had a turnover of SEK 34M ($3.7M) and a loss of SEK 17 million.
Budbee has raised almost $15M in risk capital from a range of Swedish investors including H&M's CEO Karl-Johan Persson (through 41an Invest AB), Sebastian Siemiatkowski, Paul Fischbein, or Robert Andren.