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The new investment round will help the company to extend its reach into new markets, add new clients, expand with current clients, and invest further in its warehouse strategy and delivery technology.
FREMONT, CA: Texas-based Fetch, the first and only off-site package solution for apartment communities, secured USD 18 million in a Series B investment round led by Signal Peak Ventures, Pando Ventures, and Iron Gate Capital, with participation from existing investors Silverton Partners, Seamless, and Venn Ventures. The new investment round will help the company to extend its reach into new markets, add new clients, expand with current clients, and invest further in its warehouse strategy and delivery technology. The latest round of funding brings the company's total raised capital to over USD 32 million. As part of the investment round, Iron Gate Partner AJ Dye will join Fetch's Board of Directors. Fetch Founder, and CEO Michael Patton credits his team for rising to the challenge.
[vendor_logo_first]"Since its launch in 2016, Fetch has grown at an impressive rate. The team's ability to meet the new levels of demand we've seen during the pandemic and economic downturn has been phenomenal," Dye said. "Fetch is the enduring package solution that provides answers to the package volume challenges faced by multifamily operators. We're honored to partner with Fetch at this stage of its evolution and look forward to continued success."
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The company's package volume per apartment home has increased by 59 percent since the outbreak of the COVID-19 pandemic. With online purchasing rates climbing and apartment communities continuing to limit their teams' on-site presence, more and more multifamily owners and operators are turning to Fetch to relieve the crush of package deliveries. The company has nearly doubled the number of communities they serve since the beginning of 2020 and has grown the total number of units serviced by 497 percent year over year, with over 120,000 apartment homes currently under contract.
"The increased number of deliveries that apartment communities have been forced to deal with in recent months is something that is here to stay," said Scott Carman, Managing Partner of Pando Ventures. "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."
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