Funding

Citibox funding news – Small Mailbox Startup Citibox Secures €80 Million in Debt Funding

Jul 4, 2024 | By Startup Rise EU

Madrid-based Citibox secures €80 million in debt funding, led by Growth Credit Partners (London) and CoVenture (New York), to expand its network of smart mailboxes throughout Spain.

Madrid-based Citibox secures €80 million in debt funding, led by Growth Credit Partners (London) and CoVenture (New York), to expand its network of smart mailboxes throughout Spain.

SUMMARY

  • Madrid-based Citibox secures €80 million in debt funding, led by Growth Credit Partners (London) and CoVenture (New York), to expand its network of smart mailboxes throughout Spain.
  • Citibox is a 2016 startup that installs smart mailboxes inside of homes.

It's believed that 15% of all e-commerce deliveries attempted in Spain don't go through the first time around because the recipient isn't home.

It helps businesses in the industry become more productive and profitable while simultaneously making a beneficial impact on the development of cities into more sustainable places.

Read also - GlassPoint Funding News – GlassPoint Secures $2.5M Investment from MIG Capital

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Since every delivery is done from scratch, there are fewer delivery van movements, which reduces traffic jams and allows for a 52% reduction in CO2 emissions per product delivered during the day and a 69% reduction at night.

David Bernabeu, founder and CEO of Citibox: “One of our great financial challenges has been to be attractive to the debt markets. We have carried out the most important bond issue by a startup in Spain, with the help of large international funds. Thanks to this operation, we are going to scale our expansion in Spain, multiplying our number of smart mailboxes by 10.”

With this financing operation, Citibox maintains its ownership while growing its business in Spain. It intends to install more than 600,000 smart mailboxes in residential buildings over the course of the next three years, reaching 50% of the population in the top ten Spanish cities.

Citibox has raised €50 million to date in addition to the €80 million it just raised through the sale of bonds. In 2023, it purchased Celeritas in an effort to grow its returns business.

About Citibox

Citibox is a 2016 startup that installs smart mailboxes inside of homes. Since these mailboxes are open 24 hours a day, 365 days a year, deliveries and returns can be completed successfully on the first try and at any time.

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