Route has raised a total of $340 million in funding across multiple rounds, including a $200 million Series B round on January 21, 2022, led by Eldridge Industries, Madrona Venture Group, and Riot Ventures, among others. This round valued the company at $1.25 billion, granting it unicorn status. Headquartered in Lehi, Utah, Route provides e-commerce package tracking and protection solutions, enabling users to track online orders, initiate refunds, and reorder lost or damaged items. As of December 2020, the company employs 649 people and continues to bridge merchants and customers through its mobile platform.
Keep reading to explore Route’s funding journey, key investors, and what’s next for this e-commerce logistics innovator.
What Is Route and What Does It Do?
Founded in 2018, Route offers a logistics and e-commerce enablement platform that simplifies the online shopping experience by providing real-time package tracking and shipping protection. The platform connects merchants and customers through a mobile app, offering seamless visibility and support for deliveries.
Route’s technology allows users to track, claim, and reorder lost, damaged, or stolen packages, improving post-purchase satisfaction and reducing friction in online retail. Its iOS app serves millions of consumers and integrates directly with merchants to enhance trust and customer experience.
How Much Funding Has Route Raised?
- Series C
- Amount Raised: $40M
- Date: June 25, 2024
- Lead Investors: 137 Ventures, 345 Partners
- Motivation: To expand platform capabilities, enhance customer support infrastructure, and grow international operations.
- Series B
- Amount Raised: $200M
- Date: January 21, 2022
- Lead Investors: Eldridge Industries, Madrona Venture Group, Riot Ventures
- Motivation: To scale the logistics and package protection platform, invest in product innovation, and grow its merchant network.
Total Funding Raised: $340M
Latest Funding Date: June 25, 2024
Current Valuation: $14B
Key Investors
- Eldridge Industries
- Details: Holding company with diversified investments across technology, media, and financial services; led Route’s Series B.
- Investment Focus Areas: E-commerce, logistics, and fintech solutions.
- Madrona Venture Group
- Details: Venture capital firm focused on early- and growth-stage technology companies.
- Investment Focus Areas: Consumer technology, SaaS, and logistics tech.
- Riot Ventures
- Details: Venture firm investing in companies shaping the future of commerce, logistics, and connected platforms.
- Investment Focus Areas: E-commerce infrastructure, logistics innovation, and B2C tech.
- 137 Ventures
- Details: Growth-stage investment firm supporting technology-driven companies.
- Investment Focus Areas: Consumer internet, logistics, and enterprise software.
- 345 Partners
- Details: Venture capital firm investing in innovative companies that enable logistics and commerce.
- Investment Focus Areas: Supply chain, retail tech, and e-commerce platforms.
Where Is Route’s Headquarters?
Route is headquartered in Lehi, Utah, United States, a rapidly growing technology hub that hosts several leading e-commerce and SaaS companies. The location provides Route with access to logistics partners, skilled tech talent, and strong infrastructure for scaling global operations.
What’s Next for Route?
Following its most recent funding round, which valued the company at $14 billion, Route plans to expand its e-commerce logistics ecosystem, enhance AI-driven shipment visibility, and strengthen merchant integrations globally. The company aims to enhance customer protection services, broaden its mobile capabilities, and solidify its leadership in e-commerce tracking and order protection technology.
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