Spanish small mailbox startup Citibox has raised €80 million in debt financing led by Growth Credit Partners (London) and CoVenture (New York) to expand its network of smart mailboxes across Spain.
It is estimated that 15% of e-commerce deliveries made in Spain fail on the first attempt because the recipient is not present at the time of delivery or return.
Founded in 2016, Citibox offers smart mailboxes that are installed in residential buildings and are available 24 hours a day, 365 days a year, ensuring delivery and return is always a one-attempt affair.
Citibox not only increases the productivity and revenue of companies in the sector, but also actively contributes to the transformation of cities, making them more sustainable: every delivery is made the first time, reducing the number of trips made by delivery vehicles, reducing traffic congestion and reducing CO2 emissions by 52 percent per parcel delivered during the day and 69 percent per parcel delivered at night.
“We are excited to be partnering with Citibox to bring our innovative technology to the market,” said David Bernabeu, founder and CEO of Citibox.
“One of our major financial challenges is to become attractive to the bond market. We have executed the most significant bond issue by a Spanish start-up, backed by a large international fund.”
With this operation, we plan to expand our expansion in Spain and increase the number of smart mailboxes tenfold.”
The loan will allow Citybox to maintain its equity stake and accelerate its growth in Spain, where the company plans to install more than 600,000 smart mailboxes in homes over the next three years, reaching 50% of residents in the top 10 Spanish cities.
To date, Citybox has raised €50 million in additional funding, on top of the €80 million it just raised in a bond issue. The company acquired Celeritas in 2023 as it seeks to expand its returns business.
Main image: Citibox. Photo: Uncredited.
