Spanish small mailbox startup Citibox has raised €80 million in debt funding, led by London-based Growth Credit Partners and New York-based CoVenture, which invested in London-based Threecolts.
The investment will be used to expand its network of smart mailboxes throughout Spain. In the next three years, the company plans to install over 600,000 smart mailboxes in residential buildings, reaching 50% of residents in the top 10 Spanish cities.
What challenge does it tackle?
Online shopping offers great convenience but also brings challenges, such as the need to be home for deliveries. Given our busy lives and varied schedules, this isn’t always possible. Consequently, companies have developed smart mailboxes. These innovative solutions accommodate larger packages and enhance delivery efficiency, addressing the limitations of traditional mailboxes and catering to the demands of modern e-commerce.
Founded by David Bernabeu in 2016 in Spain, Citibox provides smart mailboxes installed inside residential buildings. These mailboxes are available 365 days a year, 24 hours a day, so deliveries and returns are carried out successfully on the first attempt and at any time.
It improves the productivity of companies in the sector and contributes positively to the transformation of cities, turning them into more sustainable environments. As all deliveries are made the first time, it translates into fewer delivery van movements, generating less traffic congestion and managing to reduce CO2 emissions by 52% per package delivered during the day and 69% at night.
David Bernabeu, founder and CEO of Citibox said: “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.”
What do we think about Citibox?
The debt funding will significantly enhance its smart mailbox network across Spain, aiming to install over 600,000 units in three years. By ensuring first-attempt delivery, Citibox addresses the convenience challenges of online shopping, reduces traffic congestion, and lowers CO2 emissions. This expansion, supported by major international funds, positions the startup as a key player in sustainable urban logistics.
