Fetch Package, a last-mile package delivery company for apartment communities, has raised $50 million in a Series C round of funding and closed on a $10 million venture debt facility.
Michael Patton founded Fetch in May 2016 after being frustrated by having packages lost at the apartment community in which he was living.
“I took the time to research how communities were handling packages. What I found was that some communities are receiving up to 300 to 400 packages a week and trying to manage that volume manually, adding a significant time burden on the team,” he told TechCrunch. “I knew there had to be a better way and that solution needed to be one that could easily handle the future of package delivery as e-commerce was gaining significant traction.”
Fetch launched its operations in Dallas in February of 2017 with the goal of solving “the package problem” for apartment communities. The startup, which later moved its headquarters to Austin, has seen impressive growth.
By the end of 2017, the SaaS company was servicing approximately 2,000 apartments in the Dallas area. Over the next three years that number grew to almost 150,000 doors being serviced out of 25 warehouses in 15 markets, including Atlanta, Austin, Charlotte, Chicago, Denver, Houston, Orlando, Portland, Phoenix, Arizona and Seattle.
Fetch currently has just over 200,000 doors, or around 700 communities, across the country under contract. It says it works with seven of the top 10 nationally recognized apartment management companies in the country, (Read more...)