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12/08/2021

FastAF Closes Series A Funding

Quick-commerce retailer valued at $200M
Bridget Goldschmidt
Managing Editor
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FastAF Closes Series A Funding Quick Commerce
FastAF already operates in New York, Los Angeles (pictured) and San Francisco, with more markets to come soon. (Image Credit: MoFilms on behalf of FastAF)

FastAF Technologies Inc (FastAF), a quick-commerce retailer for products and brands, has closed a Series A investment round that values the company at $200 million. Investors in this round included Luxor Capital, Interlace Ventures, EQT Ventures, PivotNorth Capital, Daversa Partners, former Benchmark venture partner and current Adobe CPO Scott Belskey; Bob Greenberg, founder and CEO of global ad agency RG/A; and former NBA star Baron Davis.

FastAF will use a portion of the new funds to advance its footprint within markets and further accelerate its growth initiatives, which include adding new customers, greatly expanding its selection of brands and products and adding to its 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,” noted Lee Hnetinka, founder and CEO of San Francisco-based 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.”

FastAF already operates in New York, Los Angeles and San Francisco, with more markets to come soon. The company offers thousands of on-trend products from hundreds of brands on its app, many of which aren’t available on competing platforms. According to FastAF, the items it sells are healthier, better for the planet and higher quality than the mass-market items available through other quick-service commerce providers or from nearby convenience stores.

“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.”

Further, as part of this funding round, FastAF is spinning out of Darkstore, the San Francisco-based provider of the core technology that enables 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, while Darkstore will continue to develop proprietary technology that allows FastAF to deliver products in minutes from its micro-fulfillment centers.

Launched in 2020 by Hnetinka, FastAF has partnered with more than 600 national and local retailers to date. FastAF and Darkstore are backed by leading venture capital firms, and angel investors such as PivotNorth Capital, Cota Capital, EQT Ventures, R/GA Ventures, Village Global, Luxor Capital, Interlace Ventures, Scott Belsky, Gokul Rajaram, Gary Fritz and Bob Greenberg.

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