Budbee raises SEK 400 million from Kinnevik, H&M and CNI Nordics

Budbee, a Stockholm, Sweden-based company provider of last mile delivery services for e-commerce, raised SEK 400M ($53.2M) in a new equity round.

The money was raised from existing investors including Kinnevik (105 million), CNI Nordic and H&M.

The deal is said to be made at a company value of SEK 7.3 billion ($730M).

Budbee, founded in 2012 by CEO Fredrik Hamilton, provides deliveries of over a million parcels per month. In December 2020, the company increased the number of deliveries by over 200 percent compared to December 2019 and expects to accelerate growth further in 2021 with the new funding round, mainly focusing on international expansion and product innovation.

Budbee has previously raised about $115 million.