FastAF Closes Series A Funding at $200 Million Valuation
New In-House Delivery Helps Facilitate Last Minute Holiday Shopping
FastAF Technologies, Inc. (FastAF), the premiere quick commerce retailer for products and brands that help people live better, today announced the close of its Series A investment round that values the company at $200 million. Investors in this round include Luxor Capital, Interlace Ventures, EQT Ventures, PivotNorth Capital, Daversa Partners, former Benchmark venture partner and current Adobe CPO Scott Belskey, founder and CEO of global ad agency RG/A Bob Greenberg and former NBA star Baron Davis.
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Just in time for the holidays, FastAF is launching its own delivery service. Not only does the in-house delivery service create a better customer experience, it also enables shoppers to do last-minute shopping with delivery in minutes. FastAF will use a portion of the new funds to advance the brand’s footprint within markets and further accelerate its growth initiatives, which include adding new customers, vastly expanding its selection of brands and products and growing the team.
“FastAF has distinguished itself from the other quick commerce players by offering premium brands that our customers can’t get anywhere else with the same speed and convenience available only from FastAF,” said Lee Hnetinka, Founder and CEO of FastAF. “This new round of funding validates our goal of providing everyone with access to high quality products that make their lives better. We’re thrilled about bringing on Luxor Capital, Interlace Ventures, Daversa, Scott, Bob and Baron in this round.”
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Since launching, FastAF has established a strong presence in New York, Los Angeles and San Francisco. The company offers thousands of products from hundreds of brands on the FastAF app, many of which aren’t available on other quick commerce platforms. Products available through FastAF are healthier, better for the planet and higher quality than the mass market items available on other quick-service commerce platforms or from corner convenience stores. The result is a highly curated list of coveted products from the most on-trend brands, delivered to shoppers in minutes.
“FastAF is empowering a new way for consumers to shop for their favorite brands locally,” said entrepreneur, investor and two-time NBA All-Star Baron Davis. “Retail commerce is fundamentally changing, and FastAF is at the leading edge of helping shoppers live their best lives by providing access to premium products – all delivered in just a few minutes.”
As part of this funding round, FastAF is announcing that it is spinning out of Darkstore, the provider of the core technology that drives FastAF’s micro fulfillment abilities. As an independent entity, FastAF can continue to focus on delivering quality brands to people with a fast, phenomenal customer experience. Darkstore will continue its focus on developing proprietary technology that gives FastAF an edge in delivering products in minutes from its micro fulfillment centers.
