In raising €174 million in its latest funding round, parcel locker specialists Instabox have become the newest unicorn in Sweden with a valuation of €1 billion.

The Financial Times says the company is the third fastest growing company in Europe. It has seen 300% year on year growth since 2017.

In 2020 it had revenues of €24 million, and raised more than €73 million to expand into the Netherlands the next year through an acquisition.

The latest financing round was led by European investment company Verdane that specialises in tech investments. The new funding is to add at least 3,000 parcel lockers to its Netherlands network, strengthen its position in Norway and to begin operations in Germany.

“I am delighted with the confidence that our current and new investors have shown in us. The global parcel services market continues to grow every year and lightning-fast, hassle-free and fossil-free shipping sets us apart from traditional shipping services. The new financing will help us build on that and further improve our services, making us even more sustainable and customer-oriented”, said Alexis Priftis, CEO and co-founder of Instabox.