Spanish smart mailbox startup Citibox has secured €80 million in debt funding. This investment, led by London-based Growth Credit Partners and New York-based CoVenture, aims to expand Citibox’s network of smart mailboxes throughout Spain.
Citibox plans to install over 600,000 smart mailboxes in residential buildings across Spain within the next three years. The goal is to reach 50% of residents in the top ten Spanish cities.
Online shopping offers convenience but also presents challenges, such as the need to be home for deliveries. Citibox’s smart mailboxes provide a solution by accommodating larger packages and improving delivery efficiency. These mailboxes, available 24/7, ensure deliveries and returns are successful on the first attempt, catering to the demands of modern e-commerce.
Founded in 2016 by David Bernabeu, Citibox installs smart mailboxes inside residential buildings. This service enhances the productivity of delivery companies and contributes to creating more sustainable urban environments. By ensuring first-time delivery success, Citibox reduces delivery van movements, traffic congestion, and CO2 emissions by 52% during the day and 69% at night.
David Bernabeu, founder and CEO of Citibox, highlighted the financial challenges the company faced in attracting debt markets. He stated, “We have executed the most significant bond issue by a startup in Spain with the support of large international funds. This operation will enable us to scale our expansion in Spain, increasing our number of smart mailboxes tenfold.”
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By Proptechbuzz
By Ravi Kumar
