Last-mile delivery scale-up Budbee has raised 40 million euros in an investment round. The company is now valued at 700 million euros. The capital injection will mainly be used to expand its network of parcel lockers.
The Swedish last-mile delivery scale-up is active in several other European countries, such as Finland, Denmark, Belgium and the Netherlands. The logistics tech company is known for its fossil free same- and next-day delivery and parcel lockers.
In February this year, the company released its financial results for 2021 and announced that it had generates a turnover of 80 million euros. It had doubled the total revenue of the year before.
Valued at €700 million
Just a month ago, the company announced an investment round. According to its press release, existing investors participated in the round which was quickly fully booked. Budbee was able to raise 40 million euros, which brings the company’s valuation to 700 million euros. In addition to the funding, the company has also gained access to more bank loans to finance further growth.
“I am more than proud to announce this deal today – not only because we have secured investment at a good valuation and low dilution in today’s turbulent market, but also because we gain the continued confidence of a traditional bank that has given extended credit facilities to us”, said Fredrik Hamilton, Founder and CEO of Budbee. Employees can now participate in Budbee’s investment program and become investors of the company.
‘The company will use bank loans to expand its parcel locker network.’
Currently, the logistics tech company has 5.000 parcel lockers in Europe. According to the company, the new funding has launched a new phase for the company. It has already announced that it will use the bank loans to accelerate further growth and expand its parcel locker network.
The parcel locker market in Europe is a competitive one. A month ago, competitor Instabox raised 174 million euros, making it the newest unicorn in Sweden. And last year, SwipBox, a parcel locker company from Denmark, was able to grow its network of parcel lockers to 10.000 lockers.