Fort Worth, Texas-based startup FetchGoat announced Thursday it has established a partnership with an industry veteran to enable the last-mile software-as-a-service company to “ram the pedal to the floor when everyone else is tapping the brakes,” said co-founder and CEO Bill Hale.
Along with an undisclosed strategic investment in FetchGoat, Mark Tuchmann, chief executive officer and partner of transportation insurance group TIP National, will counsel the FetchGoat team, leveraging his experience from founding multiple logistics-focused companies, including solutions provider BeavEx Inc. and ClearConnect Solutions.
FetchGoat provides shippers a delivery management system that enables them to pull from the company’s large courier network, made up of combined regional networks, and record delivery performance.
“This concept was one that was top of mind when I was on the transportation side of the last-mile industry. The fragmentation of last-mile delivery is staggering, as no one company has a double-digit percentage of the market,” Tuchmann told FreightWaves.
Until this recent investment, FetchGoat’s focus was targeting technology partnerships to scale while bootstrapping. This strategy included being accepted into the program Microsoft for Startups earlier this year, benefiting the company with access to complimentary Azure credits, subscriptions to Office 365, Dynamics 365, PowerBI and architectural design consultations.
“This strategic alliance [with Microsoft] and investment allows us to significantly accelerate our development roadmap and expand our scope of services. It also enables us to take full advantage of the latest technologies, an example being the recent release of Microsoft’s .NET 7 framework. We now are even stronger in our commitment to lead and promote technology innovation and adoption throughout the logistics industry,” said Chris Malin, FetchGoat’s chief technology officer.
Hale added that since being accepted into the Microsoft program, the company was also accepted into a Dell program, granting it access to complimentary Dell equipment.
Hale told FreightWaves that as the company began to grow, he had one strategic investor in mind: Tuchmann.
“Mark joining the board and his group’s investment is a resounding testimonial to our vision and goals. … He will bring tremendous value to our board of directors as we march towards the global expansion of the company,” Hale said.
Hale disclosed that 80% of the new capital will be going toward software development roles, focusing on its auditing, invoice settling and parcel functions.
Tuchmann added, “The last-mile space is one that has and most likely will remain fragmented. It is absolutely the most difficult of transportation modes to operate and the barrier has always been scale. Our investor group of industry veterans are excited to support the FetchGoat team in what we view as a pinnacle platform that will change the paradigm.”