Stockholm-based Budbee, a logtech startup that focuses on sustainability, and maximising customer satisfaction and efficiency of the ‘last-mile’ delivery, announced on Monday that it has raised SEK 400M (approximately €38.15M) in a fresh round of funding.
The company has also increased its valuation to more than SEK 7.3B (approximately €696.33M). Prior to this round, the company had raised €52M in a funding round in January, 2021.
According to Sifted.eu, the investment came from Budbee’s existing investors, including Kinnevik, H&M and CNI Nordics, as well as from its employees, among others.
The Sweden-based startup believes in its business model and reports that the funds will accelerate the company’s growth ambition.
Fredrik Hamilton, founder and CEO of Budbee, says, “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 that we get the continued confidence of a traditional bank that gives us increased credit facilities. We have now also set up an investment programme where we invite Budbee co-workers to participate as owners in the growth journey, something that I personally feel strongly for.”
Besides the funding, the company says it will also get access to increased bank loans to finance further growth. This is because the company claims to have become one of Europe’s largest box networks and has nearly 5,000 signed locations. The increased credit lines will mainly be used to finance investments in these parcel lockers.
Providing logistics service for e-commerce
Founded in 2016 by Fredrik Hamilton, Budbee is a delivery startup that seeks to spell the end of poor delivery services that constantly give businesses and consumers issues. With Budbee, customers have control over the delivery experience and are able to tailor it to their personal preferences.
Customers can also specify when they want their parcel delivered and how the driver should alert them upon their arrival via the app.
The company provides delivery services to over 35 million people across Sweden, the Netherlands, Belgium, Denmark, and Finland. The company claims to be a dynamic, fast-growing tech business committed to creating the best online shopping delivery service on the market. With more than 10 million unique consumers, Budbee’s services are currently used by thousands of e-commerce companies, including ASOS, Zalando, Inditex, and H&M.