Investment

Swedish and Norwegian family offices pile into one of the biggest co-invests in Europe

A group of Swedish and Norwegian family/principal investment offices are co-investing in a parcel locker company in what amounts to be one of the biggest co-investment deals done by these groups in Europe. 

The Wallenberg-backed EQT Ventures together with seven family/principal investment groups from Sweden and Norway, as well as a Norwegian-based private equity firm, have committed $190 million to Instabox. The Stockholm-based group handles logistics for e-commerce retailers, offering same-day delivery through its network of smart delivery lockers across Sweden, Norway and Denmark. 

This latest Series C funding round now values Instabox, launched just seven years ago, at more than $1 billion. Backers in this latest round were Creadas, the listed family investment, Tacito, the investment group of tech billionaire Victor Jacobsson, Wallcross, a recently set up Norwegian family office, M2 Asset Management, the investment office of Swedish real estate developer Rutger Arnult, Nineyards Equity, founded by Stefan Nordahl, and Tham Invest, an investment office of one the richest families in Sweden.

The round was led by the Norway-based private equity group Verdane

EQT Ventures and Creadas backed Instabox in earlier rounds, but all the others are new investors. Given all these investors piling in at a late stage, Instabox might be planning a public listing soon. Whether that is the case or not, the round is unusual for attracting so many family/principal investors to club together at this level of investment.

 

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