Private equity firm Francisco Partners has taken a stake in ByBox, which specialises in smart locker technology, replacing LDC, a mid-market equity investor, which has now exited ByBox.
ByBox said the Francisco investment values the business at £221 million, and supports ByBox’s expansion of its UK infrastructure and global deployment of its ‘Konnect’ app-locker solution.
“Listening closely to customers and really understanding market trends has made ByBox an extremely investible business,” said Deep Shah, co-president, Francisco Partners.
LDC originally provided £37.5 million of development capital for ByBox in 2016. “LDC are insightful and supportive investors who have worked closely with the ByBox team to formulate and execute a successful strategy. The next phase of this strategy is characterised by ongoing investment in our UK business as well as driving our international expansion. FP have a tremendous track record and will be ideal partners to help us deliver this growth,” said Stuart Miller, co-founder and CEO of ByBox.