Instabox in a $190 million equity raise backed by Verdane Capital

Instabox, a Stockholm, Sweden-based provider of delivery services, raised a capital funding round closed at $190 million.

The money was raised from investors led by the Norway-based Verdane Capital, which joined the company's captable when Instabox acquired its portfolio company, Porterbuddy, at the start of 2021. Other investors part of the round include local Swedish investors EQT Ventures, Creades, Tham Special Investment, Nineyard, Tacito and M2 Asset Management.

The proceeds will be used for expansion, particularly in the German market, estimated at 2bn parcels per year.

Instabox, founded in 2010 by CEO Alexis Priftis, Staffan Gabrielsson, and Johan Lundin, developed a logistics service for e-commerce retailers, offering same-day delivery through its network of last-mile smart delivery lockers. The company says it currently operates 4,500 automated parcel machines throughout Sweden, Norway and Denmark, and the pickup service is combined with emission-free bike delivery service Instabikes with a maximum of six hours between the merchant and the consumer. The company’s platform provides the team with real-time, end-to-end tracking of all deliveries, allowing for optimisation at each step of the way.

The company previously raised more than $100 million throughout its 12 years of operations, with the last round closed at $90 milion in 2021 and a $5M one raised in 2020. Besides Porterbuddy, it also acquired a Dutch company, Red je Pakketje, in May 2021.