GoFor Industries, a Canadian last-mile, on-demand and same-day delivery company, has closed a CA$20 million Series A investment to continue its expansion into the U.S.
The funding, announced Monday, follows record growth for GoFor, which has recently developed partnerships with multiple Fortune 500 retailers to provide rapid delivery for construction, building materials and consumer goods.
Even the layperson knows the COVID-19 pandemic has led to a surge in demand for reliable, same-day delivery, as those laypeople — customers — increasingly make purchases online and expect rapid delivery. By filling the last-mile gap in the shipping industry, companies like GoFor allow retailers under pressure to deliver goods on demand and avoid delays.
The Ontario-based startup launched in 2017 with a focus on moving construction materials, CEO Brad Rollo told FreightWaves. The pandemic compelled a pivot toward broader retail, he said, and now GoFor delivers everything from small parcels to big and bulky.
The firm's platform connects retailers with independent and insured drivers, as well as professional vehicle fleet operators. It also provides visibility into the internal logistics business to help make it more efficient.
Fueled by the pandemic-induced online shopping surge, GoFor has experienced revenue growth of more than 500% since March.
Its customers include some of the biggest retail names, including one of the largest home improvement stores in the U.S. and Canada.
The firm will use the latest cash infusion to expand its U.S. footprint, according to Rollo. Already available in 20 U.S. cities, the company has its eye on another 20 markets.
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 round, the company has now raised a total of nearly CA$30 million.
See more from Benzinga
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.