Fetch Announces Strategic Expansion With Strong Financial Outlook Driving Innovation, Operations

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Oct 15, 2024, 16:15 ET

With new product launches and growing profitability, Fetch is set to transform the multifamily housing industry, serving 25 markets with additional markets planned for 2025.

AUSTIN, Texas, Oct. 15, 2024 /PRNewswire/ -- Fetch, the leader in offsite package management for apartment communities, announced today significant expansion plans and new product launches ahead of the National Multifamily Housing Council's (NMHC) 2024 OPTECH Conference & Expo. Most notably, this includes the nationwide expansion of Fetch Storage in 2024, followed by Fetch Market in 2025.

Fetch has experienced substantial growth in recent years, now partnering with more than 1,200 communities comprising nearly 400,000 residential units. Over the last three years, Fetch has tripled revenue, reflecting the growing trust and preference communities have for the Fetch service. The company serves 36 of the NMHC Top 50 management companies, 8 of the top 10 developers, and many of the largest ownership groups in the U.S. Fetch's network of 40 facilities nationwide supports its robust logistics and service delivery infrastructure.

In recent years, Fetch has expanded into student housing, partnering with 8 of the top 10 student housing managers. Our commitment to excellence is reflected in a year-to-date customer satisfaction (CSAT) score of 98%, highlighting the positive feedback from student housing residents who appreciate our reliable service. Looking ahead to Fall 2025, Fetch plans to expand into key college markets such as Athens, Tallahassee, Fayetteville, College Station, and Tucson.

"Fetch has always been about solving real problems for apartment communities," said Michael Patton, CEO of Fetch. "With this expansion, we're continuing to meet the growing demand for space and convenience, ensuring residents and property managers benefit from a more efficient, accessible, and reliable service."

Operational Excellence and Financial Performance

Fetch is proud to announce that it has achieved a 99% same-day availability rate and a 97% on-time delivery rate over the last two years while delivering 21 million packages. This achievement underscores Fetch's commitment to quality through sustainable unit economics enabled by technology deployments and operational efficiencies. Almost 90% of its facilities across the country operate profitably, and the company is on track to achieve overall profitability in the first half of 2025.

Over the last two years, Fetch has raised $45 million in equity financings, primarily from existing investors. Most recently, the company secured a $23 million round led by Tandem Ventures with continued support from Frame VC, Signal Peak Ventures, Rose Park Advisors, and Venn Ventures. This capital will be used to further invest in core package delivery services and roll out a suite of new offerings tailored to enhance value for both property managers and residents.

Key highlights of Fetch's expansion and innovation include:

Launch of Fetch Storage: Currently available in Seattle, DC, and Houston, with continued market expansion throughout 2024. This on-demand, micro-storage solution addresses space constraints for communities and provides residents with a more convenient solution than self-storage.
Launch of Fetch Market: Launching in Austin with a limited release in Q4, with national expansion throughout 2025. This service will offer residents convenient delivery of everyday essentials, snacks, and drinks via the existing mobile app and delivery service. Best of all, there are no added delivery fees or tips.
Advanced PMS Integrations: Fetch is developing seamless integrations with leading property management systems, streamlining the process for property managers to offer Fetch services.
Strong Financial Outlook: Fetch's strong financial performance, driven by operational excellence, positions the company for continued growth and profitability.

"This expansion marks a significant evolution in our service model," said Austin Wagner, VP of Product at Fetch. "We're able to leverage our existing infrastructure and core competencies to offer uniquely valuable services to Fetch residents that can drastically improve what it's like to be a renter day to day."

As Fetch continues to evolve from a package-delivery-only provider to a comprehensive solutions partner for multifamily operators, the company is in discussions with enterprise clients for additional onsite services that leverage its established infrastructure, technology, and delivery network.

Fetch invites OPTECH attendees to visit their booth to learn more about these exciting developments and how Fetch is shaping the future of multifamily services.

About Fetch

Fetch makes apartment package delivery convenient, reliable, and enjoyable for residents and onsite teams alike. To date, Fetch Package Inc. has delivered nearly 40 million packages to residents of apartment communities with a last-mile delivery platform designed to scale with growing e-commerce trends. Fetch completely solves multifamily's resident package problem by moving packages offsite and coordinating delivery directly with residents. The company is headquartered in Austin, Texas. It operates in over 25 major markets across the United States and supports over 400,000 apartment homes in over 1,200 communities. For more information, visit fetchpackage.com and follow us on LinkedIn.

SOURCE Fetch Package