Instabox, a Swedish logistics startup that provides hassle-free and fossil-free e-commerce deliveries, has secured $90 million (approx £65 million) funding in a Series B round led by EQT Ventures.
The funding will be used to optimise frictionless last-mile logistics services across European territories, with a sustainability focus.
EQT Ventures is a multi-stage VC fund that partners with the most ambitious and boldest founders in Europe and the US. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco.
Making parcel delivery sustainable, and efficient
Founded in 2015 by Alexis Priftis, Staffan Gabrielsson, and Johan Lundin, Instabox makes parcel delivery faster, more sustainable, and efficient, across its locations in Sweden through 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.
Witnessed 300% growth
At present, Instabox is the largest and fastest-growing last-mile logistics startup in Sweden, growing by over 300% annually and delivering more than one million parcels each month, with over two million users across the country.
The company is also experiencing rapid growth in Norway and Denmark. Instabox works with clients including H&M, Ikea, Apotea, and Boozt.
Alexis, CEO, and co-founder at Instabox says: “The shipping industry consists of ancient postal companies using fossil fuels and fossil tech – which is why we’re super-excited about this new partnership with EQT Ventures. The new funding will allow us to take our super-fast, hassle-free, and fossil-fuel-free shipping to millions of more consumers across Europe and spark a renaissance in online shopping, just as we have done in Sweden.”
Ashley, Partner at EQT Ventures added: “Instabox is bringing tech DNA and customer-centricity to one of the largest and oldest industries in the economy, and the market feedback is crystal clear in their fantastic growth. It’s a great partnership whereby we can bring our expertise to match their hunger and passion. We can’t wait to work with Alexis and the team on this important mission.”
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