Instabee is changing the division of responsibilities between its two founders, Alexis Priftis and Fredrik Hamilton. Priftis, who has served as chairman of the board until now, will take over as CEO, while Hamilton will join the board as a regular member. According to a press release, the reshuffle is the result of a personal decision by Hamilton, who is the largest shareholder in the group. At the same time, it’s no secret that Instabee is losing a lot of money and that the company’s value has plummeted over the past year.
A year ago, the two delivery and tech companies, Instabox and Budbee, merged to form Instabee. At that time, the new company was valued at 18 billion kronor. In 2022, the Instabee Group reported revenue of 2.5 billion kronor and an operating loss of 700 million kronor. Since then, the valuation has fallen sharply and now stands at around 6.6 billion, as indicated by major shareholder Creades’ write-downs of its 5.5 percent stake.
Instabee offers e-commerce deliveries to homes and package lockers for recipients in six countries. Fredrik Hamilton founded Budbee and served as CEO during a period of rapid growth that saw the company become the market leader in home deliveries to consumers. Following the merger with Instabox, Fredrik has served as CEO. Alexis Priftis, who founded Instabox, joined Instabee as executive chairman of the board but is now taking over as CEO.
– A year ago, we embarked on an exciting journey that has brought many challenges, but also laughter and lessons learned. It has been a true pleasure to serve as CEO during this time and to work with so many talented people. But it also feels right to now hand over the reins to Alexis, and I feel confident that he and the rest of the organization will do a great job moving forward. I look forward to contributing as an active owner and board member,” says Fredrik Hamilton.
Martin Randel, an investor and co-founder of Vitamin Well AB, nShift, and Unifaun, is transitioning from his role as a regular board member to chairman of Instabee, succeeding Alexis Priftis. The changes are said to take effect immediately.
