How Fetch Works and Ongoing Success
Delivery startup Fetch solves community and apartment building delivery issues by serving as the final delivery team for each parcel. Instead of going directly to an apartment building, packages are re-routed to the nearest Fetch facility, where the company processes them and sends an alert notification directly to the recipient. From there, recipients can choose a time that works best for them to have the package delivered straight to their door.
This final step allows for packages to not only show up at the desired time where the recipient will be home ready for them but can help eliminate the need for a mailroom entirely. For community managers, doing business with Fetch at a wide-scale level can even raise property values and serve as an incentive to live in the area. At the same time, the company can help free up building management from having to spend a large portion of every day just cataloging and processing parcels to instead focus on other aspects of their job.
The delivery startup has already seen significant widespread adoption across the United States (US). Last year, the company delivered over 3.5 million packages. Business is set to increase dramatically this year, with the delivery startup on pace to reach over 8 million packages. Fetch currently does business with over 180,000 units and over 650 communities across 16 different US markets. With the explosion of the ecommerce market, these figures are only set to grow even more in the coming years.
Fetch Funding and Future Plans
In the Series C funding round, the delivery startup raised $50 million in equity. The funding round was led by Ocelot Capital with participation from Greenpoint Partners, Alpaca VC, Rose Park Advisors, Iron Gate Capital, Signal Peak Ventures, Venn Ventures, Pando Ventures, and Seamless. In addition to the Series C funding round, the company also raised $10 million in venture debt facility from Signature Bank.
The delivery startup plans to use this added capital to expand business operations to 24 new markets across the US over the course of the next two years. The company will also make inroads with new community and regional managers to increase large business areas.
When commenting on the new funding raised by Fetch, CEO Michael Patton said, “We’re excited about what this fundraise means for our company in terms of our ability to extend our package management solution to more cities, more apartment communities and more renters across the country. We’ve proven our profitability in a number of markets and we’re aiming to triple our business in the next 18 months with that continued success and profitability top of mind. The industry has recognized Fetch as the one package model capable of carrying multifamily into the future, and we’re honored that our investors feel the same.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.