Smart mailbox firm Citibox has raised €80 million in debt funding to accelerate its expansion across Spain, with plans to expand its network to more cities in the country and reach over half a million mailboxes in operation by 2027.
The funding, which was led by London-based Growth Credit Partners and New York-based CoVenture, will be used to expand its network to 600,000 smart mailboxes in residential buildings over the next three years, reaching around 50% of residents in the top 10 Spanish cities.
Currently, the Spanish firm operates in Madrid and Barcelona, but now has plans to roll out its solutions in other cities such as Valencia, Seville, Zaragoza and Malaga.
About Citibox
Founded in 2016, 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.
The firm currently has a network of 50,000 smart mailboxes in Madrid and Barcelona and more than 7,000 Celeritas convenience points. It acquired Celeritas in 2023 to boost its returns business.
Citibox has a workforce of around 250 staff and it expects to close the current year with a consolidated turnover of over €135 million.
Costs and emissions savings
The firm claims that because carriers can deliver all packages on the first attempt using the Citibox model, and in a single point of delivery inside a building, they can achieve a significant improvement in productivity and a large cost saving resulting in less travelling, less traffic and a daily CO2 reduction of 5.5 tons.
Announcing the funding on LinkedIn, Citibox said: “Over the next three years, Citibox will exceed 600,000 smart mailboxes installed in residential buildings, helping more than 5,000,000 online shoppers receive and return their e-commerce purchases conveniently from their own home or from more than 7,000 convenience points.”
To date, in addition to the €80 million it has just raised in debt funding, Citibox has raised €50 million in funding.
