Swedish delivery startups Instabox, Budbee to merge at $1.7 bn valuation

Swedish last-mile delivery startups Instabox and Budbee have announced plans to merge to create a new company at a valuation of 18 billion kronor ($1.7 billion). The new company, Instabee, will be owned by the startups' founders as well as by Kinnevik, an investment firm started by the Stenbeck family. Other investors include Creades AB, EQT Ventures, AMF and H&M.