Kinnevik first invested in Budbee in 2018 and decided to back the company based on the conviction that Fredrik Hamilton and his team had the vision and the capacity to build a modern customer-centric last-mile logistics platform with focus on the e-commerce sector. Since then, Budbee has grown its revenues by 10x and we have supported this incredible growth journey by investing at or above pro-rata in every consecutive funding round. Kinnevik has backed Budbee with SEK 452m in total over the last four years, and the combination values Kinnevik's pro forma shareholding in Instabee at SEK 2.4bn. This corresponds to an aggregate return exceeding 5x, with Kinnevik's first investment in 2018 having generated an almost 15x return and serves as a true testament to Kinnevik's unique ability to invest early and back our companies consistently through their development.
Fredrik Hamilton, CEO and Founder of Budbee commented: "I have been long-term in my plans since the start, and this move is an amazing opportunity to create something truly substantial. We have of course followed Instabox closely during the years, and I'm impressed by their journey. This feels like a perfect match, and I look forward to getting to know all my new colleagues. We will achieve great things together".
Georgi Ganev, CEO of Kinnevik commented: "We are excited to support the combination of Instabox and Budbee. From the outset, we have been impressed with Fredrik Hamilton's and Budbee's strong and consistent execution of its growth strategy. With the combination, we expect Instabee to continue to develop their customer proposition building on the two companies' combined expertise and know-how. We look forward to continuing to be a leading shareholder in Instabee as its growth journey continues".