Citibox raised 11 million euros in Series A funding round

Citibox, a Madrid, Spain-based company operating a business based on local delivery networks, announced securing a capital investment round totalling EUR 11 million ($12.4M).

The capital was provided by a range of angel investors from Spain, including Santiago Fernández Valbuena, José Manuel Martínez, José Miguel Gilpérez, Javier Rubió, Bernardo Hernández and Richard Alden.

Richard Alden also joins as chairman of the board.

The funding will be used to fuel the company's ambitions to expand its business outside Spain.

Citibox, founded in 2015 by CEO David Bernabeu, developed a network for parcel delivery. The company installs free smart mailboxes in the common areas of residential buildings, which substantially speed up delivery by the parcel company. At the moment in which the messenger deposits the package in the smart mailbox, the recipient receives a unique numeric code, which changes for each delivery, with which they can open the indicated mailbox and withdraw the package, at the time that best suits them, which guarantees an provides extra security and privacy. The Citibox application is available for iOS and Android

The business model consists of charging the parcel companies for the savings they achieve off the increased productivity while using the automatic delivery system, while usage for the recipients of the package is completely free of charge.

The company operates in Madrid and claims to have installed a total of 7,000 smart mailboxes backing 400,000 transactions made since starting.

According to company's claims, prior to this round, Citibox raised about €12 million from investors including Banco Sabadell, Bonsai VC and Big Sur Ventures.