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Two Swedish Delivery Startups Merge at $1.7 Billion Valuation

An Instabox AB parcel delivery store at Norrtullsgatan in Stockholm.

An Instabox AB parcel delivery store at Norrtullsgatan in Stockholm.

Photographer: Mikael Sjoberg/Bloomberg

Swedish last-mile delivery operators Instabox AB and Budbee AB plan to merge to create a new company at a valuation of 18 billion kronor ($1.66 billion), according to an emailed statement.

The new company, Instabee, will be owned by the respective founders of the two startups as well as by Kinnevik AB, an 80-year-old investment firm started by the Stenbeck family. Other backers include Creades AB, EQT Ventures, AMF and Hennes & Mauritz AB.