On demand delivery provider GoFor raises $20 Million funding for expansion into the U.S

On demand delivery provider GoFor raises $20 Million funding for expansion into the U.S

Published: 23-12-2020 13:31:54 | By: Bob Koigi | hits: 688 | Tags:

GoFor Deliveries, a provider in last-mile, on-demand and same-day delivery startup says it has closed a $20 million (CAD) Series A growth investment to continue its ongoing expansion into the U.S.

The funding follows record growth for GoFor, which has recently developed partnerships with multiple Fortune 500 retailers to provide rapid delivery for construction, building materials and other consumer goods.

GoFor has witnessed record growth amid the ongoing pandemic, which has led to a surge in demand for reliable, same-day delivery for retailers across industries as customers increasingly make purchases online and expect rapid delivery.

By filling the “last-mile” gap in the shipping industry — particularly for large items like building materials — GoFor enables its retail customers to deliver goods on-demand and avoid delays. GoFor’s delivery business and logistics platform specializes in trucks of all sizes that can deliver within three hours of purchase.

 The company has made over 200,000 deliveries, and since March this year, it has experienced revenue growth of more than 500%.

The company’s hundreds of customers include some of the biggest retail names, including one of the largest home improvement stores in the U.S. and Canada.

Brad Rollo, CEO, GoFor Industries: “GoFor understands that our customers need to compete with Amazon’s level of delivery and that they need to have fast, on-demand and flexible shipping capabilities. We level the playing field for everyone from the small mom and pop store to the big boxes who all need to find a way to meet the shipping needs of their own customers. Predictable and quick delivery in hours instead of days is going to become the new standard, so access to last-mile delivery has never been more critical to a business’s survival, especially ahead of what will likely be one of the busiest holiday seasons ever for online shopping. Our clients know that they don’t want to have items stuck in warehouses or stores because they can’t ship them quick enough.”

Mark Blackwell, Partner, Builders VC: “We are always looking for transformational technology companies that are modernizing antiquated industries like logistics and construction. GoFor is doing exactly that. The company has witnessed tremendous growth over the past 12-months with a five times increase in revenue since our first investment in the company last year. We are thrilled to lead the latest round in GoFor and support their mission and expansion plans into the U.S. and Canada.”

The new funding will support the company’s expansion into 11 new cities, including Atlanta, Baltimore, Washington DC, San Francisco, Memphis, Detroit, Chicago, Boston, Philadelphia, Miami and Phoenix. GoFor is also available in Dallas/Fort Worth, Houston, San Antonio, Charlotte and all across Canada.

While GoFor has experienced success primarily delivering construction goods, building materials and other large items, the company is increasingly seeing interest from retailer partners across industries to reinvent their delivery strategy in advance of the predicted surge in online holiday shopping.

This is critical as 84% of customers have said they won’t buy from a company after just one bad delivery experience. GoFor connects retailers with independent, insured and trusted drivers, as well as professional vehicle fleet operators, through its platform.

The company’s robust end-to-end last-mile logistics platform and SaaS marketplace also provide customers with visibility into the internal logistics business to help make it more efficient and, ultimately, cost-effective.

In addition to being led by Builders VC, the new financing includes participation from MetaProp, GroundBreak Ventures, Plug & Play Ventures and Panache Ventures. With this new infusion, the company has now raised a total of nearly $30 million (CAD).