Austin-based Fetch raises $18 million Series B funding for its last-mile package delivery platform for residential buildings
Fetch, an Austin, Texas-based tech startup and the provider of the first and only off-site package solution for apartment communities, today announced it has raised $18 million in Series B round of funding 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.
The round, which brings the Company’s total funding to more than $32 million, was led by Iron Gate Capital and Pando Ventures, with participation from existing investors Signal Peak Ventures, Silverton Partners, Seamless, and Venn Ventures. As part of the funding, Fetch also announced that the Iron Gate Partner AJ Dye will join its Board of Directors.
Founded in 2016 by Henry Talamantes and Michael Patton, Fetch solves the package problem for apartment buildings. Fetch partners with property managers to accept all packages at local warehouses and coordinates scheduled, door-to-door delivery with residents.
“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.”