Instabox Acquisition, Valuation, Funding & Investors
Instabox was acquired by Budbee in September 2022.
About Instabox
Instabox is a Gothenburg-based logistics provider offering same-day parcel delivery via 4,000 smart lockers in Sweden, Norway, and Denmark. It handles e-commerce shipments for H&M, IKEA, and Lloyds Apotek, reaching six million consumers. Founded in 2015, Instabox has tripled growth annually, emphasizing automated out-of-hours access and reduced carbon emissions.
Founded
2015
HQ
StockholmWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$28M (Apr 2022)
Valuation
$1B (Apr 2022)
Instabox Acquisition
Instabox was acquired by Budbee for an undisclosed price on 19 September 2022.
Before the acquisition Instabox had raised $306M across 6 funding rounds.
Budbee and Instabox agreed to combine in an all-share merger creating Instabee, a Nordic last-mile delivery group valued at about SEK 18 billion. Kinnevik, which had backed Budbee since 2018, became the largest shareholder of the combined company with roughly 13 percent, alongside the founders and backers including EQT Ventures, Verdane, Creades, H&M and AMF. Budbee's Fredrik Hamilton became chief executive and Instabox co-founder Alexis Priftis chairman.
| Acquirer | Date | Type |
|---|---|---|
| 19 Sep 2022 | Strategic M&A |
Sources: techcrunch.com, kinnevik.com, sifted.eu
Instabox Valuation
Instabox is currently valued at $1B, based on its Series C in April 2022.
The $190M round was led by Verdane, with participation from Creades, M2 Asset Management, Nineyards Equity, Wallcross, EQT Ventures and 2 other investors.
Instabox's valuation has grown 8.7x from $115M at its secondary sale in April 2020 to $1B in April 2022, across 3 priced rounds.
Instabox valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Series C | $1B | 35.7x |
| Feb 2021 | Series B | $760M | 27.1x |
| Apr 2020 | Secondary | $115M | 4.1x |
Instabox Revenue
Instabox's latest recorded revenue is $28M, as of its Series C in April 2022. At a $1B valuation, that implies a 35.7x revenue multiple.
Revenue moved from $28M in April 2020 to $28M in April 2022, while the revenue multiple moved from 4.1x to 35.7x.
Instabox revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2022 | $28M | $1B | 35.7x | Series C |
| Feb 2021 | $28M | $760M | 27.1x | Series B |
| Apr 2020 | $28M | $115M | 4.1x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Instabox Funding History
Instabox has raised a total of $306M across 6 funding rounds, plus 1 secondary share sale.
Instabox's first fundraising round was a $2M seed round in October 2017. The most recent completed round was a $10M Series A in July 2022.
Instabox funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | Series A | Swedbank Robur (lead) | $10M | - | Instabox, a Stockholm-based e-commerce logistics provider founded in 2010, offers same-day delivery through a network of 4,500 automated parcel machines across Sweden, Norway, and Denmark, combined with emission-free bike deliveries via Instabikes. The company raised SEK 100 million ($9.5 million) in an equity round on July 4, 2022, from Swedbank Robur to enhance its delivery services. Prior to this, Instabox had raised over $190 million, including a $90 million round in 2021 and acquisitions of Porterbuddy and Red je Pakketje. Swedbank Robur's investment supported Instabox's expansion in sustainable, fast last-mile deliveries using smart lockers for optimized logistics. Instabox delivered over 3 million packages monthly across Sweden, Germany, Denmark, the Netherlands, and Norway, partnering with brands like H&M, IKEA, and Footway. Later in 2022, Instabox merged with Budbee to form Instabee, operating in seven countries. |
| Apr 2022 | Series C | Verdane (lead); Creades; M2 Asset Management; Nineyards Equity; Wallcross; EQT Ventures; Tham Special Investment; Tacito | $190M | $1B | Instabox is a Swedish last-mile delivery company founded in 2015, specializing in automated parcel lockers and sustainable e-commerce deliveries, including fossil fuel-free options and bike services. On April 21, 2022, it raised €174 million (approximately $190 million) in a growth equity Series C round led by Verdane, with participation from Creades, EQT Ventures, M2 Asset Management, Nineyards Equity, Tacito, Tham Special Investment, and others, achieving unicorn status at a €1 billion valuation. The funds were allocated to expand parcel locker networks, strengthen market share in Europe, improve sustainability, and refine technology. The company demonstrated rapid growth, with 300% year-on-year expansion since 2017 and recognition by the Financial Times as Europe's third fastest-growing company. In 2020, Instabox generated €24 million in revenue, scaling to deliver over 3 million parcels monthly by 2022. Prior to the round, it had raised over €73 million in 2021 and expanded internationally via acquisitions like Red Je Pakketje in the Netherlands and Porterbuddy in Norway, with launches in Germany. Post-round, Instabox planned to deploy at least 3,000 lockers in the Netherlands and bolster positions in Norway and Germany. Total funding reached around $327-337 million across multiple rounds. In September 2022, Instabox merged, forming Instabee with Budbee and Porterbuddy, though financials specific to the April 2022 round align with the unicorn valuation. |
| Feb 2021 | Series B | EQT Ventures (lead); Nineyards Equity | $90M | $760M | Instabox is a Stockholm-based last-mile delivery company for e-commerce brands, using a carbon-efficient system with smart lockers for consolidated deliveries and promising maximum six-hour delivery times. It launched Instabikes for home deliveries and operates in Sweden, Norway, and Denmark, claiming to be Sweden's largest and fastest-growing last-mile logistics startup with over 300% annual growth and more than one million parcels delivered monthly as of early 2021. The company secured €36 million in financing in April 2020 at a €100 million valuation. In February 2021, Instabox closed a $90 million Series B round led by EQT Ventures, with participation from Nineyards Equity among others, to fuel expansion within and outside the Nordics. |
| Apr 2020 | Secondary | CORDET (lead); Creades (lead) | $10M | $115M | Instabox is a Swedish logistics tech startup founded in 2015 that provides same-day delivery for e-commerce retailers through a network of last-mile smart parcel lockers, serving about six million Swedes with clients including H&M, Ikea, and Lloyds. On April 8, 2020, Instabox completed a €36 million financing round valuing the company at €100 million. The round included €5 million in new equity issuance, €9 million purchase of existing shares (with Creades investing €7 million and becoming a main shareholder), and a €23 million credit facility from CORDET. Creades and CORDET acted as lead investors in this other financing round, equivalent to approximately $39.1M or SEK 400M in mixed equity, debt, and secondary transactions. Prior to this deal, Instabox had raised about $8M or €23M. The funds supported expansion of smart parcel lockers across existing and new European markets and team growth. Instabox operated 442 smart package lockers in about 100 locations, primarily in Stockholm. |
| Apr 2020 | Undisclosed stage | CORDET (lead); Creades (lead); Nineyards Equity (lead) | $10M | - | Instabox is a Swedish parcel delivery service offering automated parcel lockers and sustainable last-mile delivery solutions, including bike deliveries. In 2020, it quadrupled revenues in Sweden from 6 million euros in 2019 to 24 million euros, driven by over 150% user growth to more than 2 million users and partnerships with major retailers like Apoteket, Adlibris, Webhallen, Clas Ohlson, Matas, and Varner Group. Nearly one in five Swedes used Instabox that year, with rapid adoption fueled by new merchants, environmental awareness, and returning users. The company doubled its automated parcel machines, hired over 700 people, and launched home delivery on bicycles during this growth phase. Instabox expanded internationally, entering the Netherlands in April via acquisition of Red je Pakketje. Later rounds included a 2021 raise and a 2022 Series C of 174 million euros at 1 billion euro valuation led by Verdane, with participation from Creades, EQT Ventures, Nineyards Equity, and others, achieving unicorn status amid 300% year-on-year growth since 2017 and 3 million monthly parcels. |
| Oct 2018 | Series A | - | $5M | - | Instabox is a Swedish logistics technology company founded in 2010 that provides parcel delivery services through smart lockers located at convenient central locations such as 7-Eleven and Pressbyran. The company operates a last-mile delivery network offering hassle-free and fossil-free e-commerce deliveries for retailers across Scandinavia. In 2018, Instabox raised SEK 46 million ($5 million) in a capital investment round from existing investors to expand its parcel delivery hub network across Sweden. The company was not profitable at the time, with turnover of SEK 3.9 million ($430,000) recorded in 2017. Instabox aimed to expand operations to four additional Swedish cities by the end of 2018 and was active in 12 locations across Mälardalen, Skåne, and Västergötland regions. |
| Oct 2017 | Seed | - | $2M | - | - |
Who has invested in Instabox?
10 investors have backed Instabox across its funding rounds, including Creades, Nineyards Equity, EQT Ventures, CORDET, Verdane and Swedbank Robur.
Lead investors include Swedbank Robur, Verdane, EQT Ventures, CORDET, Creades and 1 other investor.
Instabox Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 3 | Lead | Apr 2020 | |
| Stockholm | 3 | Lead | Apr 2020 | |
 London | 2 | Lead | Apr 2020 | |
| Stockholm | 2 | Lead | Feb 2021 | |
 Oslo | 1 | Lead | Apr 2022 | |
| Stockholm | 1 | Lead | Jul 2022 | |
| Stockholm | 1 | Participant | Apr 2022 | |
| Norway | 1 | Participant | Apr 2022 | |
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Start Free TrialAcquisitions by Instabox
Instabox has acquired 3 companies to date.
Last acquisition by Instabox was on September 19th 2022. Instabox acquired Budbee for $1.7B.
Latest Acquisitions by Instabox
| Description | Budbee is a Stockholm-based last-mile delivery service optimizing urban logistics for e-commerce. Provides real-time tracking, in-app chat with drivers, and queue-free parcel collection at automated lockers or relay points. Operates in Sweden, Denmark, Norway, Finland, and Poland with a fleet of electric cargo bikes and vans. Partners with retailers like IKEA, Zalando, and CDON for same-day and next-day deliveries. | Porterbuddy is a Norwegian logistics platform specializing in same-day last-mile delivery for online stores. Headquartered in Oslo, it provides efficient, customer-focused services across Scandinavia from porterbuddy.com. | Red je Pakketje is an Amsterdam-based parcel delivery platform operating in the Netherlands with emphasis on same-day and evening next-day services. The company handles urban logistics using a network of 2,000 couriers for time-sensitive shipments up to 30kg, including real-time GPS tracking via its app. Expanding to international routes from Belgium and Germany, it partners with e-commerce platforms like Bol.com for overnight deliveries between 18:00 and 23:00. Launched in 2019, the service processes millions of parcels yearly in major cities like Rotterdam and Utrecht. |
| HQ Country | | |  |
| HQ City | Stockholm | Oslo | Arnhem |
| Deal Date | 19 Sep 2022 | 18 Jan 2022 | 20 May 2021 |
| Valuation | $1.7B | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Instabox Competitors
Instabox competitors include listed companies like Hangzhou SF Intra-City, Heartland Express, Marten Transport and Prosegur Cash, and private ones like Yunniao Delivery and Shanghai ANE Logistics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $3.4B | $54M | $991M | 0.2x | |
| Beijing | Private | - | - | $1B | - | |
 United States | Publicly listed | $806M | $102M | $922M | 1.3x | |
| United States | Publicly listed | $884M | $130M | $1.1B | 1.1x | |
 Spain | Publicly listed | $2.3B | $389M | $1.1B | 0.8x | |
| Chongqing | Private | - | - | $1.2B | - |
Instabox Public Comps
Instabox is no longer listed, but its public comps include Hangzhou SF Intra-City, Keytop Parking, Reysaş Lojistik, CTT Correios de Portugal, Logwin, NTG Nordic Transport, Heartland Express, Marten Transport, Ferrari Group and Prosegur Cash.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.4B | $54M | 0.2x | 0.2x | 11.8x | 8.4x | |||
| $124M | $29M | 7.5x | - | 32.3x | - | |||
| $257M | $142M | 4.8x | - | 8.6x | - | |||
| $1.4B | $202M | - | - | - | - | |||
| $1.6B | $131M | 0.4x | 0.4x | 4.7x | 4.7x | |||
| $1.8B | $135M | 0.7x | 0.7x | 9.6x | 8.2x | |||
| $806M | $102M | 1.2x | 1.3x | 9.9x | 6.8x | |||
| $884M | $130M | 1.1x | 1.1x | 7.7x | 7.6x | |||
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Common questions about Instabox
| When was Instabox founded? | Instabox was founded in 2015. |
| Where is Instabox headquartered? | Instabox is headquartered in Stockholm, Sweden. |
| Is Instabox publicly listed? | No, Instabox was acquired by Budbee in September 2022. |
| Who acquired Instabox? | Instabox was acquired by Budbee in September 2022. |
| What is Instabox's valuation? | Instabox was last valued at $1B in its Series C in April 2022. |
| How much funding has Instabox raised? | Instabox has raised $306M across 6 funding rounds. |
| What was Instabox's last funding round? | Instabox's last funding round was a $10M Series A in July 2022, led by Swedbank Robur. |
| Who are Instabox's investors? | Instabox's investors include Creades, Nineyards Equity, CORDET, EQT Ventures, Verdane, Swedbank Robur, M2 Asset Management, Wallcross, Tham Special Investment and Tacito. |
| What is Instabox's revenue? | Instabox's latest recorded revenue is $28M (April 2022). |
| What is Instabox's revenue multiple? | Instabox's latest valuation implies a 35.7x revenue multiple ($1B valuation on $28M of revenue). |
| Which companies are comparable to Instabox? | Companies comparable to Instabox include Hangzhou SF Intra-City, Yunniao Delivery, Heartland Express, Marten Transport, Prosegur Cash and Shanghai ANE Logistics. |
| How many companies has Instabox acquired? | Instabox has acquired 3 companies, including Budbee, Porterbuddy and Red je Pakketje. |
| What was the largest acquisition by Instabox? | The $1.7B acquisition of Budbee in September 2022 is the largest acquisition Instabox has made to date. |
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