Arrive announces $1.3M crowdfund push, $9M in total investment
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Smart mailbox company Arrive has crowdfunded $1.3 million, bringing its total investment to $9 million as it prepares to launch its product to market.
The Indianapolis-based company’s latest crowdfunding round included 428 investors, many of whom are new. The company now touts almost 5,000 total investors.
“This demonstration of support for our product is really important as we get closer to distribution,” Arrive CEO Dan O’Toole said. “We’ve been working steadily for the past nine years, hitting all our targets and constantly iterating as the industry advances. We’re more than ready to be out there in the field.”
Arrive, which employs 15 people, looks to improve package delivery security through a patented theft resistant mailbox through traditional and autonomous means. The company said this will save companies costs.
The mailbox can accept deliveries from traditional mail couriers, as well as robots and drones.
O’Toole previously announced the intent to take Arrive, previously called Dronedek, public, securing a ticker symbol on the Nasdaq stock market and planning its initial filing in early 2024.