Delivery tech startup FastAF closes Series A funding to deliver premium essentials from the world’s best brands in 2 hours or less; now valued at $200 million
Just when you think the delivery space is getting crowded, investors continue to pour millions into the space hoping to find the next big winner. Millions of people now spend more time at home and make their purchases online instead of shopping at the local stores.
One of the leading startups in the delivery space is Gopuff, a Pennsylvania, PA-based startup that delivers daily essentials and groceries in minutes across over 500 U.S. cities. With billions in war chest, Gopuff went on a few acquisition sprees with the purchase of Kentucky-based spirits, beer, and wine retailer Liquor Barn. But now, there is a new challenger that is about to shake things up and give Gopuff a run for its money.
Enter FastAF, a Silicon Valley eCommerce tech startup that delivers premium essentials from the world’s best brands in 2 hours or less. FastAF currently serves the Los Angeles, New York City, and San Francisco communities, with big expansion plans for the future.
Today, FastAF announced it has closed its Series A investment round that values the company at $200 million. Backers in this round include Luxor Capital, Interlace Ventures, EQT Ventures, PivotNorth Capital, Daversa Partners, former Benchmark venture partner, and current Adobe CPO Scott Belskey, founder and CEO of global ad agency RG/A Bob Greenberg and former NBA star Baron Davis.
FastAF said it will use a portion of the new funds to advance the brand’s footprint within markets and further accelerate its growth initiatives, which include adding new customers, vastly expanding its selection of brands and products, and growing the team.
In conjunction with the funding, FastAF announced that it is spinning out of Darkstore, the provider of the core technology that drives FastAF’s micro fulfillment abilities. As an independent entity, FastAF can continue to focus on delivering quality brands to people with a fast, phenomenal customer experience. Darkstore will continue its focus on developing proprietary technology that gives FastAF an edge in delivering products in minutes from its micro fulfillment centers.
Just in time for the holidays, FastAF is launching its own delivery service. Not only does the in-house delivery service create a better customer experience, but also enables shoppers to do last-minute shopping with delivery in minutes.
“FastAF has distinguished itself from the other quick commerce players by offering premium brands that our customers can’t get anywhere else with the same speed and convenience available only from FastAF,” said Lee Hnetinka, Founder and CEO of FastAF. “This new round of funding validates our goal of providing everyone with access to high-quality products that make their lives better. We’re thrilled about bringing on Luxor Capital, Interlace Ventures, Daversa, Scott, Bob, and Baron in this round.”
Since launching, FastAF has established a strong presence in New York, Los Angeles and San Francisco. The company offers thousands of products from hundreds of brands on the FastAF app, many of which aren’t available on other quick commerce platforms. Products available through FastAF are healthier, better for the planet, and higher quality than the mass market items available on other quick-service commerce platforms or from corner convenience stores. The result is a highly curated list of coveted products from the most on-trend brands, delivered to shoppers in minutes.
“FastAF is empowering a new way for consumers to shop for their favorite brands locally,” said entrepreneur, investor, and two-time NBA All-Star Baron Davis. “Retail commerce is fundamentally changing, and FastAF is at the leading edge of helping shoppers live their best lives by providing access to premium products – all delivered in just a few minutes.”