Instabox and Budbee, Swedish last-mile delivery companies, announced plans about merging in a $1.7 billion deal. Both companies were founded in 2015 in Stockholm. They provide major brands, such as H&M clothing retailer, with delivery and logistics services, offering automated lockers in strategic locations and delivery directly to people’s homes. While Instabox operates in Sweden, the Netherlands, Norway, Denmark, and Germany, Budbee operates in Sweden, the Netherlands, Denmark, Belgium, and Finland.
Recently, Instabox reached unicorn status, and Budbee is valued at approximately $700 million. After the merge, the company will be named Instabee with Fredrik Hamilton, Budbee co-founder, as CEO, and Alexis Priftis, Instabox co-founder, as Executive Chairman of the Board. “I have been long-term in my plans since the start, and this move is an amazing opportunity to create something truly substantial. I have of course followed Instabox closely during the years, and I’m impressed by their journey,” Fredrik Hamilton said. Along with Budbee and Instabox co-founders, investment firm Kinnevik will be the largest Instabee’s shareholder. Among other investors are H&M, EQT Ventures, Creades, Verdane, and AMF.