Verdane's Porterbuddy sold to VC-backed Instabox

Harriet Matthews
18 January 2022

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Verdane has sold e-commerce delivery platform Porterbuddy to parcel delivery service Instabox, a portfolio company of VCs including EQT Ventures; Verdane will invest in Instabox as part of the deal.

The combination of the two companies is intended to create a strengthened delivery platform for retailers and consumers in northern Europe, according to a statement.

Verdane plans to support Instabox's international expansion. The firm will hold a minority stake in Instabox, but will be one of the company's largest shareholders.

The combined entity generated revenues of around SEK 800m (EUR 77.6m) in 2021.

Stockholm-headquartered Instabox, which was founded in 2015, raised a EUR 36m funding round in April 2020 backed by investors including Cordet Capital Partners. Tech.eu reported that the round valued the company at more than EUR 100m. EQT Ventures led a EUR 75m round for Instabox in February 2021, following which the company intended to pursue international expansion.

Instabox acquired Netherlands-based Red je Pakketje, which provides same-day delivery services, in May 2021. The company now employs around 1,800 staff and operates in four European markets.

Verdane acquired a majority stake in Porterbuddy in December 2020 alongside investment holding company Canica, one year after Canica, Varner and Verdane portfolio company Farmasiet.no provided funding for the company, according to Unquote Data.

The GP deployed equity via Verdane Capital X, which held a final close in January 2019 on its hard-cap of SEK 6bn (EUR 592.6m). The GP is reinvesting in Instabox via the same fund.

According to press reports at the time, the deal valued Porterbuddy at NOK 200m (EUR 18.7m). The company posted revenues of NOK 7.9m (EUR 790,000) in 2019 and increased this sixfold in 2020.

Company
E-commerce home delivery service Porterbuddy was formed in 2017. Headquartered in Oslo, the company currently reaches around 60% of Norway's population, including in the greater Oslo area, Kristiansand, Stavanger, Bergen and Trondheim.

The company's revenues have approximately doubled between 2020 and 2021, according to a statement.

People
Verdane – Christian Jebsen (partner).
Porterbuddy – Henrik Gerner-Mathisen (CEO, founder).
Instabox – Alexis Priftis (CEO, founder).