Verdane-backed Porterbuddy acquired by Instabox, creating a Northern European leader within the e-commerce and delivery market
Verdane to remain invested in the new entity and invest new capital in combined company, supporting Instabox’s international expansion
Verdane, European specialist growth equity investor, has announced the acquisition of its portfolio company Porterbuddy, a fast-growing e-commerce delivery platform, by Instabox, a European consumer-based parcel delivery service provider. The partnership will combine the companies’ best-in-class delivery capabilities and provide a strengthened service offering to retailers and consumers in Northern Europe. Verdane will seek to support Instabox’s international expansion as it secures its position as a Northern European leader within the e-commerce logistics and delivery space following recent moves into the Benelux and DACH markets. As part of the transaction, Verdane makes a significant investment in the Company and becomes one of the largest investors in Instabox.
Launched in 2017, Porterbuddy is the Norwegian market leader for e-commerce home delivery services. Its fast, flexible deliveries, combined with the option to receive multiple deliveries from different merchants at the same time, has helped make Porterbuddy become the favorite delivery option for many Norwegian consumers. Porterbuddy currently reaches about 60 percent of the population in Norway and delivers in the greater Oslo area as well as along the coast to Kristiansand, Stavanger, Bergen, and Trondheim in the north, with further plans for geographical expansion within the country. Porterbuddy delivers parcels from popular merchants such as Varner, Jollyroom, Komplett, and Farmasiet. Instabox’s customer portfolio includes well-known brands like blush.no, Boozt, and Lyko.
Verdane first invested in Porterbuddy in December 2020, and the Company has since continued to experience significant growth, with YTD revenue growth of approximately 100% from 2020 to 2021. Porterbuddy has a well-established platform in Norway and the acquisition by Instabox will look to capitalise on its green and user-friendly technology platform, which consolidates orders from different sites into one delivery, to further drive growth across other markets.Founded in 2015 in Sweden, Instabox is a delivery service provider that works with merchants to ship their e-commerce parcels to consumers. Instabox is currently active in four markets and has around 1,800 employees. The Company has a strong market leading position in Sweden and continues to grow rapidly with an average annual growth of around 300% since launch.
As one of the most active e-commerce investors in Northwestern Europe, Verdane is well placed to support Instabox’s geographical expansion given its significant experience and customer-based relations across the Benelux, DACH, and Nordic regions.
Christian Jebsen, Partner at Verdane commented: “We have accompanied Porterbuddy through a transformative journey since partnering with the Company in 2020, and the combination of Porterbuddy with Instabox as the natural next step in the creation of a European market leader. From a macro perspective, the e-commerce delivery market has shown substantial growth driven by the digital consumer megatrend, which in part has been accelerated due to the pandemic. We look forward to continuing to support the merged company as it leverages those trends and delivers on its tremendous growth potential.”
Henrik Gerner-Mathisen, CEO and Founder of Porterbuddy: “We have been looking to strengthen our competitive edge for some time, to enter new markets, and together with Verdane, we identified Instabox as a great strategic partner which offered complementary services to pursue international expansion. We are impressed by the Instabox team, its market leader position in Sweden and its continued tech-based high growth performance. We are pleased to continue our successful partnership with Verdane and look forward to continuing to drive sustainability in the industry while challenging it with innovative business models, products, and services.”
Alexis Priftis, CEO and Founder of Instabox: “We’ve had our eyes on Porterbuddy for a while, and I’m impressed with their level of service and their innovative approach to shipping – especially their advanced tech stack focused on home delivery. I’m excited to work with the Porterbuddy team to realise the possibilities this acquisition creates for a greener and even more user-friendly last mile delivery for the European consumer. With the support from an experienced investor like Verdane, we look forward to continuing our growth in Norway and the opportunity to hold a leading position in European markets.
Verdane has a strong record and comprehensive experience with the e-commerce market, having invested in 40 companies, including bildeler.no, Boozt, CAIA Cosmetics, Farmasiet, Desenio, and RoyalDesign.
As part of the transaction, Verdane will become a leading shareholder of Instabox and make a significant investment in the Company, with funds from Verdane Capital X. Financial terms are not being disclosed.