Total amount raised
$288.5 Million
Latest funding date
6/1/2024
Location
Route has successfully raised funding over six rounds, with the latest being a Series C led by Hanaco Venture Capital. The company is backed by 21 investors, including recent contributors Jaws Ventures and Hanaco Venture Capital.
Route offers a platform that allows users to track all their shipments and items in one place, providing real-time updates and notifications. Keep reading to explore the intricacies of Route's fundraising journey and the investors backing this innovative platform.
What Is Route?
Route is a software company based in Lehi, Utah, specializing in logistics and freight services. The company develops applications that allow users to track and protect their shipments in real-time.
Founded as a private entity, Route has grown to employ between 101 and 250 people. The company operates in various sectors, including Apps, E-Commerce, Mobile Apps, Real Time, Shipping, and Software.
How Much Funding Has Route Raised?
- Seed Funding Round (February 2019)
- Amount Raised: USD 1,529,839
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To get the company off the ground, develop the initial product, and start building a customer base.
- Convertible Note (July 2019)
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To raise capital quickly without immediately determining the company's valuation.
- Seed Funding Round (November 2019)
- Amount Raised: USD 12,000,000
- Date: November 2019
- Lead Investors: Album VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To validate the business model and develop the initial version of the product.
- Series A Funding Round (March 2020)
- Amount Raised: USD 35,000,000
- Date: March 2020
- Lead Investors: Craft Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish core services and build a robust infrastructure for package tracking and protection.
- Series B Funding Round (January 2022)
- Amount Raised: USD 200,000,000
- Date: January 2022
- Lead Investors: Hedosophia
- Valuation at Round: USD 1.25 billion
- Motivation Behind the Round: To scale the business and enhance package protection and tracking services.
- Series C Funding Round (June 2024)
- Amount Raised: USD 40,000,000
- Date: June 2024
- Lead Investors: Hanaco Venture Capital
- Valuation at Round: USD 1.4 billion
- Motivation Behind the Round: To expand solutions that boost customer lifetime value and satisfaction while carving a path to profitability.
Route has raised a total of USD 288,529,839 with a current valuation of USD 1.4 billion.
Key Investors
- Hanaco Venture Capital
- Details: Hanaco Venture Capital is a venture capital firm that invests in innovative technology companies with strong growth potential. They are known for their strategic investments in companies that can scale globally.
- Investment Focus Areas: Technology startups, disruptive innovations, global scaling potential.
- Notable Investments: Not publicly disclosed.
- Hedosophia
- Details: Hedosophia is a venture capital firm that focuses on investing in high-growth technology companies. They have a reputation for backing companies that are leaders in their respective fields.
- Investment Focus Areas: Technology, high-growth sectors, industry leaders.
- Notable Investments: Not publicly disclosed.
- Craft Ventures
- Details: Craft Ventures is a venture capital firm that invests in early-stage and growth-stage technology companies. They are known for their hands-on approach and support for their portfolio companies.
- Investment Focus Areas: Early-stage technology, growth-stage technology, SaaS.
- Notable Investments: Not publicly disclosed.
- Album VC
- Details: Album VC is a venture capital firm that focuses on early-stage investments in technology companies. They are known for their strong network and support for entrepreneurs.
- Investment Focus Areas: Early-stage technology, innovative startups, entrepreneurial support.
- Notable Investments: Not publicly disclosed.
- JAWS Ventures
- Details: JAWS Ventures is a venture capital firm that invests in a diverse range of sectors, including technology, real estate, and consumer products. They are known for their strategic investments and broad portfolio.
- Investment Focus Areas: Technology, real estate, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Route?
Route stands at the cusp of significant growth opportunities, driven by the increasing demand for post-purchase solutions in the e-commerce sector. With over 13,000 brands and $15 billion in protected merchandise, the company is well-positioned to expand its services and enhance customer satisfaction. The potential for innovation in package tracking and protection, coupled with a high customer satisfaction score, sets the stage for Route to further solidify its market presence.
Future fundraising opportunities appear promising, given Route's successful Series C round and clear path to profitability. The company may attract additional investments to support its expansion and innovation efforts. However, challenges such as maintaining high service standards and navigating regulatory requirements could pose hurdles. As Route continues to grow, strategic acquisitions may also be on the horizon to bolster its technology and service offerings.
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