Fetch, a last-mile package delivery service aimed at apartment dwellers, announced last week it has closed on $50 million in funding.
Ocelot Capital led the Series C round of funding along with Greenpoint Partners, Alpaca VC, and Rose Park Advisors. Existing investors Iron Gate Capital, Signal Peak Ventures, Venn Ventures, Pando Ventures, and Seamless also participated.
In addition, Signature Bank provided a $10 million venture debt facility.
To date, the company, founded in 2016 in Dallas, has raised $92 million, including an $18 million Series B round last year and a $10.5 million Series A round in 2019.
Fetch plans to use the funding to open 24 new markets over the next two years and to expand within existing markets.
“Fetch is the last-mile delivery solution that the apartment industry has always needed,” Andrew Townsend, Managing Member at Ocelot Capital, which also owns regional parcel carrier, Lone Star Overnight, said in a news release. “Based on our experience within parcel logistics and last-mile delivery, we view the Fetch model as the only sustainable option for multifamily and see it quickly becoming the gold standard for apartment operators. With the acceleration in e-commerce volumes, it is more apparent than ever that limited capacity parcel storage systems are no longer viable and Fetch is the only long-term parcel storage solution that meets the needs of both multifamily operators and residents.”
The last-mile package delivery company currently operates in Dallas/Fort Worth, Houston, Austin, San Antonio, Seattle, Denver, Atlanta, Orlando, Tampa, Chicago, Phoenix, Charlotte, Raleigh/Durham, Washington, D.C., Jacksonville and Portland, and will soon be expanding its footprint to Philadelphia, San Francisco and Miami. Fetch accepts deliveries at local Fetch-operated facilities and works directly with residents to schedule door-to-door delivery.
Delivering roughly 3.5 million packages in 2020, Fetch has already hit the 2.5 million mark for volume in June 2021 and they’re currently on track to deliver over 8 million packages by the end of the year.
“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,” said Fetch CEO Michael Patton. “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.”
