Two Swedish Delivery Startups Merge at $1.7 Billion Valuation
An Instabox AB parcel delivery store at Norrtullsgatan in Stockholm.
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
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.