AMF leads funding round for Swedish logtech startup Budbee

Budbee, a Swedish logtech startup, has secured 52 million euros in funding. AMF led the round.

PRESS RELEASE

STOCKHOLM, JANUARY 14th 2021 – Budbee (www.budbee.com), the logtech startup which offers a sustainably-focused delivery service committed to maximising customer satisfaction and efficiency of ‘the last mile’, has raised €52M in an investment round led by AMF, one of Sweden’s leading pension companies and one of the largest owners on Nasdaq Stockholm. AMF is investing €24M in Budbee, and becomes one of the company’s three largest shareholders.

Existing investors Stena Sessan, Kinnevik, and H&M CO:LAB all participated in the investment round, which takes Budbee’s total funding to-date to €92M.
Budbee will use the funding for international expansion, and to invest in technology and processes that will further enhance the sustainability aspects and customer experience of its services.

Budbee, which currently operates in its native Sweden, the Netherlands, Denmark, and Finland, has solved the last mile challenge through a purpose-built technology platform offering a new level of sustainability and convenience. As a consequence of its innovation, the Stockholm-headquartered company is the market leader within the Nordics and has experienced rapid growth since launching in 2015.

Budbee coordinates millions of deliveries every month, an increase of over 200% compared to last year, and is relied upon by independent e-commerce store owners as well as major brands such as ASOS, Zalando, and H&M.

Budbee has also proven to be a valuable investment for merchants who choose the service as their default delivery method, on average increasing their order value, returning customers, and purchase frequency.

“When I founded Budbee in 2015, my team and I quickly recognised the enormous potential of technology to transform e-commerce deliveries,” says Fredrik Hamilton, Budbee Founder and CEO. “Today we have built a service that is loved by millions of people in Sweden, The Netherlands, Denmark, and Finland. AMF is one of Sweden's leading pension companiesand we are very happy to welcome them on board as a long-term owner, supporting our ambition to expand and improve e-commerce shopping for millions more within Europe.”

“Budbee is a very interesting Swedish company with competitive smart solutions in an industry with high structural growth.

Their sustainability ambitions, with the goal to make all transports fossil-free by 2022, contributes to the company's attractiveness and future prospects. We look forward to becoming a long-term and active owner in Budbee during their continued growth journey.”, says Anders Oscarsson, Head of Equity, AMF

Fredrik Konopik, Investment Director, Stena Sessan commented: “Budbee has shown tremendous growth over the last couple of years and the team has made important investments in order to meet the increased and growing demand for climate smart deliveries. We are excited to see that the company has strengthened its capital base further with support from existing shareholders and AMF as a new investor, creating an even stronger foundation for continued and sustainable growth going forward.”

Kinnevik CEO, Georgi Ganev commented: “Last-mile delivery is key to customer satisfaction in e-commerce, and Fredrik and his team have built Budbee into the go-to option for a frictionless last-mile delivery experience across its markets. We are excited to partner with AMF in this funding round to continue Budbee’s successful expansion in new and existing markets, as well as the expansion of its product suite to Budbee Boxes”.
Nanna Andersen, Head of CO:LAB H&M Group commented: ”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”

Carnegie Investment Bank and Nordea Bank Abp, filial i Sverige, have acted as financial advisors to Budbee in connection to the investment round.

About Budbee
Budbee is a Stockholm-based delivery startup that seeks to spell the end of poor delivery services that constantly give businesses and consumers issues.
With Budbee, customers have control over the delivery experience and are able to tailor it to their personal preferences. Via the app, customers can specify when they want their parcel delivered, and how the driver should alert them upon their arrival. The company was founded in 2015, has more than 200 employees, and provides innovative and personalized delivery services to more than 25 million people across Sweden, the Netherlands, Denmark, and Finland. Budbee’s services are used by hundreds of large companies including ASOS, Zalando, and H&M. It is a dynamic, fast-growing tech business committed to creating the best online shopping delivery service on the market.

About AMF
AMF is the pension company for everyone looking for simple and reliable pension solutions that deliver high returns at a low cost. AMF manages approximately SEK 650 billion in assets for 4 million customers. AMF is owned equally by the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise and operated on mutual principles, entailing that all profits are returned to the customers.