Swedish fossil-free and smart delivery service Budbee received around €38M at the very beginning of this week. After closing the amount of €38M, the startup managed to get closer to being claimed as a unicorn. Budbee is already making deliveries across five different countries including Sweden, Finland, Denmark, Belgium, and the Netherlands. Now with the funding, the logtech startup is hoping to get access to a larger amount of bank loans to continue growing. Budbee’s services are used by thousands of e-commerce companies, including ASOS, Zalando, Inditex and H&M.
Budbee Closes New Investment Round
The last mile delivery company Budbee announced on Monday, May 23, that they have closed a SEK 400 million investment round at a valuation of more than SEK 7.3 billion (approx. 700 million euros). The round, which opened only a month ago, was quickly oversubscribed and targeted only current investors. On top of the investment, the company will now have access also to increased bank loans to finance further growth.
Budbee delivers parcels from e-commerce companies to consumers in five countries, using Box and Home deliveries. The company reaches approximately 35 million consumers, and last year it had 7 million individual users. Today’s announcement marks another milestone on the company’s growth journey and is solid proof of a successful business model.
“I am more than proud to announce this deal today – not only because we have secured investments at a good valuation and low dilution in today’s turbulent market, but also because we get the continued confidence of a traditional bank that will give us access to increased credit facilities.
We have also set up an investment program that allows our workers to participate in Budbee’s growth journey as owners, which is something I feel personally very strongly about”, says Fredrik Hamilton, founder and CEO of Budbee.
Since the last time Budbee raised money in December 2020, the company’s share price has increased by 141%. For comparison, the growth of the Stockholm Stock Exchange during the same period was 6.8%. Budbee has quickly established one of Europe’s largest networks of parcel lockers, which today has some 5,000 signed locations. The increased credit lines that the company now gets access to will mainly be used to finance investments in these parcel lockers.
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Originally published on ArcticStartup : Original article