Austin-based apartment delivery management company Fetch has received significant funding as the startup continues to grow rapidly.
Fetch says he has raised a total of $ 60 million, most of which comes from a $ 50 million funding round that includes investments from Ocelot Capital, Greenpoint Partnets, Alpaca VC and Rose Park Advisors. Fetch said he also secured a $ 10 million subprime credit facility from Signature Bank.
Fetch has now raised more than $ 92 million since its founding, including an $ 18 million funding round last year.
The company was founded in Dallas in 2016 by Michael Patton, who lived in an apartment complex that received 250 to 300 packages a day.
“I saw how painful it was for property managers, and it was an eye-opening moment,” Patton told the American-Statesman in 2018.
So Patton created Fetch, which collects packages mailed to apartments from off-site warehouses and then delivers them to residents at a scheduled time. Property managers are then billed per apartment unit on a monthly basis.
Fetch moved its headquarters to Austin in 2018.
Andrew Townsend, a managing member of Ocelot Capital, which led the latest round of funding, said the apartment industry needs solutions like Fetch to help workers cope with the surge in shipments.
“Based on our experience in parcel logistics and last mile delivery, we see the Fetch model as the only sustainable option for multi-family homes and see it quickly becoming the gold standard for apartment operators”, a- he declared.
Fetch said the new funding will allow it to expand into 24 major markets over the next two years and also expand into its existing markets. Fetch currently has approximately 385 employees, including around 100 in Austin. Company executives say they plan to add about 200 employees in the coming years, with about 50 of those new jobs in Austin.
Patton said the company hopes to triple its business over the next 18 months by expanding to more cities, apartment complexes and tenants across the country.
“The industry has recognized Fetch as the unique model capable of transporting multiple families into the future,” said Patton, “and we are honored that our investors feel the same. “
Fetch says it delivered around 3.5 million packages in 2020 and is on track to deliver around 8 million packages in 2021, already surpassing the 2.5 million mark in June. Throughout the pandemic, the company has seen an increase in operations as more people relied on online orders for their needs, and year over year the company has previously said it had increased the number of units it served by 497%.
“As an innovator and market leader in parcel delivery, Fetch has enjoyed remarkable success since its inception and is now entering an exciting new phase of growth,” said Ned Hill, Managing Director of Signature Bank’s Venture Banking Group. , in a written statement.
The $ 60 million cash injection for Fetch follows several other major funding rounds for Austin businesses.
Elevate Brands, an e-commerce company that buys companies that sell their products on Amazon.com and then builds those brands, raised $ 250 million last week.
Outdoorsy, which operates a platform for RV, RV, RV and trailer owners to rent their vehicles to travelers, raised $ 120 million last month.
In May, Workrise, which operates a platform for skilled trades, raised $ 300 million. In April, Arrive Logistics announced an injection of $ 300 million to expand its freight brokerage business.
Austin American-Stateman (TNS)