Continued record growth for Instabox, quadrupled revenues!

Continued record growth for Instabox – financial results for 2020 shows quadrupled revenues

EQT-backed last mile delivery player Instabox nearly quadrupled it’s revenues in 2020, from €6m to €24m. Number of users also saw a record increase of more than 150% y-o-y. In Instabox’s home market of Sweden, more than 2 million people used the company’s parcel locker solution

– “During 2020, nearly one in five Swedes used Instabox. Usage has increased rapidly through a combination of the onboarding of several new online merchants, the consistent growth of environmental awareness and consumer preference towards more sustainable last mile delivery solutions, as well as a high share of returning users. We simply grew faster than we had expected” says Alexis Priftis, CEO and co-founder of Instabox.

Revenues in Sweden increased to SEK 246 million in 2020, almost four times as much as the previous year (SEK 63 million). The Company more than doubled its number of Automated Parcel Machines (APMs) and recruited more than 700 people during the period. In addition, the Company launched a bicycle-based home delivery service. Several more of Sweden’s largest online retailers were added to the merchant list, including Apoteket, Adlibris, Webhallen and Clas Ohlson. Other additions include Matas, one of Denmark's largest e-retailers, as well as one of Norways leading fashion chains, the Varner Group.

- “Both e-tailers and consumers choose Instabox due to our climate-smart and fast deliveries. Nearly everyone who tries our service once continues to use us time after time, which is really nice and an important metric for us. In addition, new e-tailers are continuously joining, reinforcing the strength of the Instabox proposition”, Alexis Priftis continues.

For e-commerce, 2020 was a year of rapid growth. whilst though the broader industry grew by at least 20-30 percent, in part due to Covid-19, that effect was only a small fraction of Instabox's total growth. One key component of Instabox business model is to hire their own staff directly instead of relying on sub-contractors.

- “It’s been a challenge to welcome hundreds of new colleagues and launch in two new countries, Norway and Denmark, during what has been a very special period. However, Instabox successfully rose to that challenge, and in doing so we have laid the foundation for continued growth, both in Sweden and internationally. Furthermore, it is also crucially important for us that we can ensure a good working environment throughout the value chain in order to deliver sustainable growth”, says Erik Ekstrand, CFO at Instabox.

Earlier this year (2021), a total of SEK 750 million was invested in the company in an investment round in which EQT Ventures participated as well as previous investors, such as Creades. In April 2021, Instabox also entered the Netherlands through the acquisition of the shipping company Red je Pakketje.

Summary Instabox 2020

In 2019, Instabox more than tripled sales and laid the foundation for continued growth and expansion

-This phenomenal growth momentum continued through 2020, with Instabox welcoming another 1 million new users and almost quadrupling sales, from SEK 63 million in 2019 to SEK 246 million

- Rapid expansion of the number of APM’s, more than doubling the number of parcel lockers

- Successful expansion into new international markets, entering Denmark and Norway in 2020

- 700 new employees

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