Stockholm-based Budbee is a logtech startup that focuses on sustainability, maximising customer satisfaction and efficiency of ‘the last mile’ delivery. The company recently secured an investment that will be used for its global expansion, investment in its services and fuel its other plans.
Eyes international expansion
Budbee announced that it secured €52M funding in a round led by AMF, one of Sweden’s leading pension companies and one of the largest owners on Nasdaq Stockholm. Notably, by investing €24M in this funding round, AMF becomes one of the three largest shareholders of Budbee.
Apart from AMF, existing investors – Stena Sessan, Kinnevik and H&M CO:LAB also participated in the investment round. With this round, the total funding raised by Budbee accounts for €92M.
Budbee will use the funding to fuel its international expansion and to invest in technology and processes that will enhance the sustainability aspects and customer experience of its services. Currently, Budbee operates in Sweden, Denmark, Finland and the Netherlands. It has solved the last mile challenge via its purpose-built tech platform, which offers a new level of convenience and sustainability.
“When I founded Budbee in 2015, my team and I quickly recognised the enormous potential of technology to transform e-commerce deliveries,” says Fredrik Hamilton, Budbee Founder and CEO. “Today we have built a service that is loved by millions of people in Sweden, The Netherlands, Denmark, and Finland. AMF is one of Sweden’s leading pension companies and we are very happy to welcome them on board as a long-term owner, supporting our ambition to expand and improve e-commerce shopping for millions more within Europe.”
“Budbee is a very interesting Swedish company with competitive smart solutions in an industry with high structural growth. Their sustainability ambitions, with the goal to make all transports fossil-free by 2022, contributes to the company’s attractiveness and future prospects. We look forward to becoming a long-term and active owner in Budbee during their continued growth journey.”, says Anders Oscarsson, Head of Equity, AMF.
Over 200 percent growth
Since its launch in 2015, Budbee is the market leader in the Nordics and has witnessed rapid growth. The company coordinated millions of deliveries every month leading to an increase of over 200% (in terms of deliveries) compared to last year. Its last-mile delivery service is used by independent e-commerce store stores and leading brands such as ASOS, Zalando, and H&M.
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 specify when they want their parcel delivered, and how the driver should alert them upon their arrival via the app.
Founded in 2015 by Fredrik Hamilton, Budbee has a team of 200 employees. It provides innovative and personalised delivery services to over 25 million people across Sweden, the Netherlands, 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.