Verdane leads USD 190m growth round for Instabox

The round also saw participation from existing backers including EQT Ventures, Tacito, Nineyards, Creades, Tham Special Investments and M2 Asset Management, as well as new investors, according to a press release.

Verdane will roll its stake in Norway-based home delivery company Porterbuddy, which was recently acquired by Instabox, as well as invest new capital. Christian Jebsen, partner at the sponsor, will join the company's board.

A report by Digital in January 2022 noted that Instabox PE shareholder Creades re-valued its 12% stake in Instabox to SEK 843m (EUR 82m), indicating a company valuation of SEK 7bn (EUR 679m). Instabox also acquired Red je Pakketje, a Dutch same day delivery provider, in May 2021.

The new funding will be used to drive Instabox's sustainability focus and expand its European footprint.

According to Unquote Data, Verdane invested in Instabox through Verdane Capital X, which held a final close in January 2019 on its hard-cap of SEK 6bn (EUR 592.6m). The vehicle targets northern European technology companies operating in the consumer internet, energy technology, software and advanced industrial sectors. Targets will have revenues of SEK 50m-500m and the fund will acquire majority and minority stakes either by investing in them directly or through portfolio acquisitions.

Verdane is also investing from Verdane Edda II, which held a final close on EUR 540m in January 2021. The vehicle invests between EUR10m-150m in high growth Nordic companies operating in the software and consumer internet sectors, according to Unquote Data.

Previous funding
In February 2021, EQT Ventures led a EUR 75m Series B round for Instabox, while Creades and Cordet Capital provided EUR 36m funding to the company in April 2020, according to Unquote Data.

Company
Stockholm-headquartered Instabox was established in 2015 by Alexis Priftis, Staffan Gabrielsson and Johan Lundin. The company offers e-commerce shipping services and provides smart locker and home deliveries in Sweden, Norway, Denmark, the Netherlands, and has recently entered the German market. It has grown 300% per year since its launch, according to the press release. The business has a sustainability focus and is a fossil-free shipping company. It has around 3,000 staff.

People
Instabox - Alexis Priftis (CEO, co-founder).
Verdane - Christian Jebsen (partner).

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• Topics
• Expansion
• Nordics
• Technology
• Venture
• Verdane Capital Partners
• Sweden