Startup that connects users to rental trucks to expand, grow team after $3.5M raise

Fetch, an Atlanta-based startup that connects trucks to users in need of rentals to move cargo has raised $3.5 million to grow its team and embark on a national expansion for its company which has already been locally successful.

Adam Steinberg and Chris Glace received funding in 2015 for their company GoTranspose Inc. which was testing different products. Two years later, their rental truck company Fetch was launched under GoTranspose in Atlanta. Both had been prior startup founders and wanted to move into a new space. 

After working on home renovation projects, a lightbulb moment came for them when they noticed the process of finding trucks to load and unload cargo was frustrating. They also realized the truck rental industry was a multi-billion dollar industry that could be automated. 

To date, Fetch has tens of thousands of customers and is looking to take their success further.

The app connects users to nearby trucks or vans from owners who can rent their vehicles out. The truck owners plug a device into their vehicles to allow approved renters to unlock them and be on their way. Owners receive a portion of profits made through transactions.

Vehicles used through the app will often be located at designated parking spots in parking lots, storage garages or the owner's home. Pricing ranges from $49 a day for 50 miles to $139 a day for unlimited miles. Vehicles are tracked and users are automatically charged for overages.

Co-founder Glace invented the device that is installed in partner trucks to enable the renter to unlock them through their phone, creating a contactless experience. 

To date, the company has raised approximately $5 million. Their earliest investors were angels in Atlanta and Y Combinator. Knoll Ventures led their pre-seed round. Their most recent funding round was led by NextView Ventures and backed by Nassau Street Ventures, Zeno Ventures, among other angel groups.

Fetch currently has 15 employees and has plans to hire 10 more within the next 60 days. By the end of the year, the startup looks to have a staff of 35. All their employees are based in Atlanta except one working from Dallas.

The company plans to make all its hires in the metro-Atlanta area.

The app is now available in more cities, including Washington D.C., Baltimore, Philadelphia and Dallas. By the end of the year, Fetch plans to launch in another dozen cities across the country.

“We’ve proven that our business works in Atlanta,' said Steinberg. "Each transaction is profitable and, as we've added more vehicles, the model is stronger, so we're gonna replicate that in more cities across the country."