Total amount raised
$288.5 Millions
Latest funding date
6/1/2024
Location
Route has successfully raised significant capital through multiple funding rounds, with its latest being a Series C round. The platform offers comprehensive post-purchase solutions for e-commerce businesses, including shipping protection, issue resolution, and package tracking.
Keep reading to explore the intricacies of Route's fundraising journey and the investors backing this innovative platform.
What Is Route?
Route, founded on May 1, 2018, is based in Lehi, Utah. The company was established by Mike Moreno and has grown to employ between 101-250 people.
Route specializes in post-purchase solutions for e-commerce businesses, offering services such as shipping protection, issue resolution, and package tracking. Their platform aims to enhance the online customer journey by providing a seamless way to protect and track orders.
With a focus on delivering premium experiences, Route has become a trusted partner for over 13,000 leading brands, ensuring customer satisfaction and efficient order management.
How Much Funding Has Route Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Route's post-purchase solutions.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for scaling initial operations.
- Seed Round
- Amount Raised: $12M
- Date: November 2019
- Lead Investors: Album VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Route's market reach and enhance product offerings.
- Series A
- Amount Raised: $35M
- Date: March 2020
- Lead Investors: Craft Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and further develop Route's technology.
- Series B
- Amount Raised: $200M
- Date: January 2022
- Lead Investors: Hedosophia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new markets.
- Series C
- Amount Raised: $40M
- Date: June 2024
- Lead Investors: Hanaco Venture Capital
- Valuation at Round: $1.4 billion
- Motivation Behind the Round: To continue expanding Route's solutions and drive profitability.
Total Amount Raised: $288.5M. Current Valuation: $1.4 billion.
Key Investors
- Hanaco Venture Capital
- Details: Hanaco Venture Capital is a venture capital firm that invests in high-growth technology companies. They are known for their strategic support and extensive network.
- Investment Focus Areas: Technology, e-commerce, software.
- Notable Investments: Route, Via, Yotpo.
- Hedosophia
- Details: Hedosophia is a venture capital firm that focuses on investing in innovative technology companies. They aim to support companies with strong growth potential.
- Investment Focus Areas: Technology, fintech, consumer internet.
- Notable Investments: Route, TransferWise, Deliveroo.
- Craft Ventures
- Details: Craft Ventures is a venture capital firm co-founded by David Sacks. They focus on early-stage and growth-stage investments in technology companies.
- Investment Focus Areas: SaaS, marketplaces, e-commerce.
- Notable Investments: Route, Bird, SpaceX.
- Album VC
- Details: Album VC is a venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach and strong community ties.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Route, Podium, Divvy.
- JAWS Ventures
- Details: JAWS Ventures is the private investment firm of Barry Sternlicht. They invest in a wide range of sectors, focusing on innovative and disruptive companies.
- Investment Focus Areas: Real estate, technology, consumer products.
- Notable Investments: Route, Airbnb, Lyft.
What's Next for Route?
Route's future looks promising as it continues to capitalize on the growing demand for post-purchase solutions in the e-commerce sector. With over 13,000 brands already on board and a valuation of $1.4 billion, the company is well-positioned to expand its services and enhance customer satisfaction. The recent $40 million Series C funding round will enable Route to innovate further and potentially explore new markets.
Future fundraising opportunities seem likely, given the company's clear path to profitability and strong market position. However, Route will need to navigate challenges such as maintaining high customer satisfaction and complying with regulatory requirements. As the e-commerce landscape evolves, Route's ability to adapt and innovate will be crucial for sustained growth and success.
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