AUSTIN, Texas--(BUSINESS WIRE)--First paragraph, second sentence should read: Iron Gate Capital and Pando Ventures led the round and were joined by existing investors Signal Peak Ventures, Silverton Partners, Seamless, and Venn Ventures. (Instead of: Signal Peak Ventures, Pando Ventures, and Iron Gate Capital led the round and were joined by existing investors Silverton Partners, Seamless, and Venn Ventures.)
The updated release reads:
FETCH RAISES $18 MILLION IN SERIES B FUNDING FOR CONTINUED EXPANSION
Last-mile delivery company for multifamily to use financing to expand market reach, bolster technology
Fetch, the first and only off-site package solution for apartment communities, today announced an $18 million Series B round of funding. Iron Gate Capital and Pando Ventures led the round and were joined by existing investors Signal Peak Ventures, Silverton Partners, Seamless, and Venn Ventures.
The new funding will allow Fetch to extend its reach into new markets, add new clients, and expand with current clients, as well as invest further in its warehouse strategy and delivery technology.
Following $10.5 million in Series A funding, the Series B investment brings the Company's total funding to more than $32 million. As part of the financing, Iron Gate Partner AJ Dye will join Fetch’s Board of Directors.
“Since its launch in 2016, Fetch has grown at an impressive rate. The team’s ability to meet the new levels of demand we’ve seen during the pandemic and economic downturn has been phenomenal,” Dye said. “Fetch is the enduring package solution that provides answers to the package volume challenges faced by multifamily operators. We’re honored to partner with Fetch at this stage of its evolution and look forward to continued success.”
Fetch’s package volume per apartment home has increased by 59% since the emergence of the Covid-19 pandemic. As online purchasing climbs and apartment communities continue to limit the on-site presence of their teams, more and more multifamily owners and operators are turning to Fetch to relieve the crush of package deliveries. Fetch has almost doubled the number of communities they serve since the beginning of 2020 and has grown the total number of units serviced by 497% year-over-year, with over 120,000 apartment homes currently under contract.
According to Scott Carman, Managing Partner of Pando Ventures, package volume isn’t going to revert to pre-pandemic levels for property managers.
“The increased number of deliveries that apartment communities have been forced to deal with in recent months is something that is here to stay,” Carman said. “The Fetch model takes that burden off the shoulders of on-site teams, which is why we’re seeing so many property management companies make the switch. Moving forward, Fetch’s expansion is crucial to the multifamily industry’s collective effort to provide prompt, reliable, and customized package delivery for renters. That’s why we’re proud to be part of their Series B funding effort, and their push to serve new markets and new clients.”
Fetch Founder and CEO Michael Patton credits his team for rising to the challenge.
“This fundraise and our fast growth in the middle of a pandemic is a testament to our team’s dedication and hard work,” Patton said. “We will continue to put our customers first and help our communities and residents persevere through these hard times.”
Fetch was founded in 2016 in Dallas, Texas, and has since expanded across the country to scale with current and new clients. The last-mile package delivery company currently operates in Dallas, Fort Worth, Houston, Austin, San Antonio, Seattle, Denver, Atlanta, Orlando, Tampa, Chicago, Phoenix, Charlotte, Washington, D.C., and Portland, Ore. Fetch accepts deliveries at local Fetch-operated facilities and works directly with residents to schedule door-to-door delivery. The proven system solves the package problem for multifamily properties and provides residents with a convenient and time-saving amenity. With e-commerce growing rapidly, Fetch is a scalable solution for apartment owners and managers struggling to deal with the exponential growth of resident deliveries.