Sweden-based e-commerce delivery app developer Budbee has secured SEK525m ($63m) in funding from investors including fashion retailer H&M’s Co:Lab subsidiary.
Pension fund manager AMF led the round with a $28.8m contribution while $12.6m was provided by Kinnevik and an undisclosed amount came from fellow investment firm Stena Sessan. Carnegie Investment Bank and Nordea Bank advised Budbee on the round.
Budbee runs an app-based last-mile delivery service that enables users to control parameters such as delivery times and how they should be notified once the package arrives.
The service operates across Sweden, Denmark, Finland and The Netherlands, and Budbee said it has increased the number of deliveries it coordinates by approximately 200% compared to a year ago. It will invest the cash in international growth and improving its technology.
The company had raised $5m before Kinnevik added $9.3m in 2018. It then received $5.4m from Kinnevik and H&M, which had already acquired a stake through a 2017 secondary share purchase, in April 2019 at a valuation of about $110m.
Nanna Andersen, head of Co:Lab, said: ”We are excited to continue our investment in Budbee and to be part of their successful journey. We truly believe in the team and look forward to jointly offer services that enable an even better customer experience for our customers.”
