Since the COVID-10 pandemic, Austin-based Fetch has seen a 59 percent increase in volume for its package delivery service to apartments.
As e-commerce explodes in popularity, apartment complexes have turned to Fetch to handle the crush of package deliveries.
The company has almost doubled the number of communities they serve this year with more than 120,000 apartment homes under contract.
And this week, Fetch, a last-mile package delivery service aimed at apartment dwellers, announced it has closed on $18 million in 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. Fetch plans to use the funding to enter new markets, and in sales and marketing and to invest in its warehouse strategy and delivery technology.
Previously, Fetch raised $10.5 million in Series A funding last year. To date, the company, founded in 2016, has raised more than $32 million.
According to Scott Carman, Managing Partner of Pando Ventures, package volume will continue to remain high as ecommerce shopping becomes more commonplace.
“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 in a news release. “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.”
“This fundraise and our fast growth in the middle of a pandemic is a testament to our team’s dedication and hard work,” Fetch Founder and CEO Michael Patton said in a news release.