Fetch, the first and only off-site package solution for apartment communities, today announced a $50 million Series C round of equity funding. Ocelot Capital led the round and was joined by 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 to the equity raise, Signature Bank provided a $10 million venture debt facility.
Following $18 million in Series B funding and a $10.5 million Series A round, this investment brings the company’s total funding to more than $92 million. The Series C funding will enable Fetch – a last-mile package delivery company – to further scale its business by opening in 24 new major markets over the next two years as well as continuing to expand to new locations within existing markets. The goal is to answer the accelerating e-commerce and delivery needs for apartment residents and operators nationwide.
“Fetch is the last-mile delivery solution that the apartment industry has always needed,” said Andrew Townsend, Managing Member at Ocelot Capital, which also owns leading regional parcel carrier, Lone Star Overnight. “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.”
Fetch’s innovative system positions it as the only solution that completely removes the package management burden from onsite teams at multifamily communities, improving productivity and generating ancillary revenue. The company’s service-oriented culture puts renters in control of their packages, increasing communities’ resident satisfaction and bolstering brand reputation.
Rose Park Advisors also invested in the round, bringing deep e-commerce and logistics expertise. Notably, Rose Park was a seed investor and one of the largest shareholders in Coupang, which completed an IPO earlier this year and is widely recognized as one of the most exciting companies in ecommerce globally. Previously a board member at Coupang, Matt Christensen will join the Fetch board of directors as an observer. Additional investors include GreenPoint Partners and Alpaca VC, both backed by global real estate owners and a strong contingent of multifamily holdings.
“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.”
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. Current e-commerce trajectories are expected to continue climbing well beyond the pandemic, meaning multifamily operators will need a sustainable package management solution moving forward.
Ned Hill, managing director for Signature Bank’s Venture Banking Group, commented: “As an innovator and market leader in package delivery, Fetch has achieved remarkable success since its founding and is now reaching an exciting next phase of growth. Signature Bank looks forward to supporting Fetch and their exceptional team as they continue to expand their service in existing and new markets.”