PANGEA The Travel Store has closed a capital increase of 9 million Euro with which the company intends to complete its value proposition at the technological, product and equipment level.
This new round of financing will allow the company to accelerate its national and international expansion with two new openings in Valencia and Bilbao in 2019. PANGEA The Travel Store is also expected to enter the Latin American market in 2020.
The round was led by venture capitalist Axon Partners and Javier Rubió, founder of Nauta Capital and Galdana Ventures, together with the main existing investors who renew their commitment to the company, a project that saw the light in October 2015 with the opening of the first travel store in Madrid and since then has not stopped growing. In April 2018 PANGEA opened its second store, a mega store of 1,700 m² in the center of Barcelona that has exceeded all expectations to reach its first anniversary.
Citibox has raised 11 million Euro in its Series A investment round, in which Javier Rubió has also participated, and which has been attended by other investors such as Santiago Fernández Valbuena (former CFO of Telefónica and current co-owner of Banco EBN), José Manuel Martínez (owner of the HMS Corporation), José Miguel Gilpérez (former president of Telefónica de España), Bernardo Hernández (founder of Idealista), and Richard Alden (former CEO of ONO). The latter also joins as president of Citibox.
With this capital injection, the Spanish company accelerates and consolidates its national expansion in Madrid and Barcelona. In the capital city alone, it plans to increase its network of smart mailboxes to 40,000 residential buildings, thus serving six out of every ten people in Madrid.
In addition, Citibox is already taking its first steps to internationalize its model; in France it is setting up its first subsidiary. An international deployment that has just begun for Citibox and which in the next three years aims to be in the top 10 European cities.