Peer to peer goods delivery business GoFetch is in front of potential investors seeking a special delivery of its own.
Street Talk understands the company has had funding troubles for the past six months and is now in search of a capital injection. Its owners have hired boutique adviser Lempriere Capital to start testing potential investors’ appetite.
Lempriere is seeking a buyer for GoFetch in full, calling parties for an auction targeted to wrap up in late July. It said the shareholders may also be willing to consider other transaction structures.
The adviser has pitched GoFetch as a disruptive P2P delivery/courier app that enables anyone to get anything delivered in a short period of time.
Interested parties were told GoFetch’s platform had handled more than 16,855 jobs, and had 5500 customers and 4003 ‘fetchers” registered across Victoria, New South Wales and Queensland. Its customers include Kings Transport, Reece Plumbing, Amcal Chemists and News Corporation – including via white label arrangements. GoFetch was founded by Blair Smith and is at the stage where it needs fresh funds for growth.
Prospective acquirers were told the business has had “funding difficulties” since October 2018, and had lacked investment in marketing or business development personnel.
GoFetch management reckons it can get to an annualised revenue run rate of $4.9 million in year one, should they get a $2.5 million capital injection.
Lempriere is calling for bids by June 28.