ROUTE RAISES $200M SERIES B ROUND AT A $1.25B VALUATION IN THIRD YEAR OF OPERATION
LEHI, Utah and LOS ANGELES, Jan. 25, 2022 /PRNewswire/ — Route, the post-purchase experience platform and package tracking company, today announces the close of a $200 million Series B round, taking the company to a $1.25 billion valuation after only three years in business. This funding round establishes Route as the only package tracking company to achieve “unicorn” status – placing it among a shortlist of tech startups including Snapchat, Pinterest, and AirBnb who have reached unicorn status in under 3 years.
To date, Route has tracked more than 175 million packages for shoppers, counts more than 11,000 brands as partners, and is among the top ranked apps in the App Store for Shopping. From a revenue perspective, Route has become one of the fastest growing tech companies in history.
Route’s new funding round will support growing product and engineering teams to continue developing new technology and features – such as advancements in personalization, automation and brand loyalty capabilities – to bring to life the company’s vision for a reimagined ecommerce experience where everything you order is in one place and eliminating the friction in the purchase journey for both consumers and brands.
The company also plans on using the funding to expand offices in both Silicon Slopes, Utah and Los Angeles, opening new offices in New York and Miami, and adding to its staff in nearly every department. Route also plans to expand its product internationally.
“Consumers now more than ever want transparency around online ordering and hold brands to higher standards. We’ve demystified the post-purchase experience by communicating with users at every step of the customer journey. Route allows you to see everything you order in one place,” said Evan Walker, Founder and CEO of Route. “Looking beyond being the package tracking leader, we’re adding products and features to simplify and improve other areas within e-commerce. Such as one-click resolve for shipping issues and a Discover platform that is curated and personalized to each user based on global shopping behavior and trends.”
The round was led by a large London-based investment firm. Other investors in this round include Todd Boehly’s Eldridge, early-Amazon investor Madrona Venture Group, Toast-investor Riot Ventures, Banner Ventures, marketplace experts FJ Labs, sports and entertainment leader Endeavor, Barry Sternlicht’s JAWS Capital, 75 & Sunny Ventures, and individual investors including ClassPass CEO Fritz Lanman and founders or executives from Venmo, Squarespace, Zillow, Flexport, Elevate Brands, and Net-a-Porter also joined this round.
How Route Works
Route’s proprietary AI technology aggregates online purchases and compiles all tracking information in one place, allowing customers to automatically visually track and organize any online order with Route’s app. With the Resolve feature, customers can instantly resolve shipping issues such as lost, stolen or damaged items. Route’s Discover feature is a first-of-its-kind e-commerce platform, where users can discover new brands and products based on the actual items they are tracking in the app, creating a more personalized shopping experience compared to other e-commerce platforms.
With more than 11,000 merchant partners and 100’s of millions of packages tracked, Route is uniquely positioned to train intelligent systems that improve the consumer shopping experience.
Route is helping people discover and celebrate the world’s brands and products through a completely reimagined e-commerce network that directly connects and empowers both consumers and brands. Route’s unique platform takes a holistic approach to online shopping, rethinking the consumer experience from delivery to discovery via the Route app, while offering a suite of features that provides merchants the tools necessary to enhance the overlooked post-purchase experience. Since launching in 2019, Route has built a network of millions of app users and over 11,000 merchants. The company has offices in Lehi, UT and Los Angeles, CA.
To learn more and download, please visit route.com.
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