Route
Overview
Route is a technology company established in 2018, specializing in post-purchase package tracking and protection solutions for e-commerce brands. Based in the United States, Route was founded by Evan Walker and Mike Moreno. The company has raised a total funding of $340 million over three funding rounds, with its latest being a $40 million Series C round in June 2024 at a valuation of $14 billion. Route aims to enhance the online shopping experience by providing tracking services and protection for shipments.
Recent Developments
- October 2024: Route announced a Series C funding of $40 million, valuing the company at $1.4 billion. The round was led by Hanaco VC with participation from JAWS Ventures, Madrona Ventures, and Granger. This funding aims to expand Route’s solutions for brand loyalty and consumer satisfaction.
- June 2024: Over the summer, Route exceeded $15 billion in protected merchandise, reinforcing its position in the post-purchase e-commerce space. The company achieved $100 million in revenue in 2023, marking a significant milestone in its financial growth.
- Partnership Expansion: Route has been actively expanding its partnerships with over 13,000 brands globally, enhancing its service offerings like tracking, package protection, and carbon offsetting.
- Strategic Initiatives: In 2024, Route focused on expanding its market reach and refining its product offerings to meet the increasing demand for seamless post-purchase consumer experiences, leveraging the new funding to drive these initiatives.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2018 |
| Headquarters | United States |
| Founders | Evan Walker, Mike Moreno |
| Revenue | $100 million (2023) |
| Valuation | $14 billion (July 2024) |
| Key Investors | Hanaco Ventures, JAWS Ventures, Madrona, Granger |
| Industry | E-commerce, Technology |
| Number of Employees | Not specified |
Early History
Route was founded in 2018 by Evan Walker and Mike Moreno. The idea emerged from the need to enhance the post-purchase experience for online shoppers by providing a unified platform for tracking and protecting packages. Initially, the company focused on building robust software solutions that could integrate with existing e-commerce platforms to streamline shipping and customer feedback processes. Route quickly established itself in the market by partnering with prominent e-commerce brands and expanding its product suite.
Company Profile and Achievements
Route is known for its innovative approach to enhancing the online shopping experience by providing comprehensive post-purchase solutions. The core of Route's business model is offering package tracking and protection services to e-commerce businesses and their customers. The company partners with numerous global brands, enabling features like seamless tracking, carbon-neutral shipping, and secure package protection.
- 2019: Route introduced its mobile app, which quickly gained popularity due to its user-friendly interface and efficient tracking capabilities.
- 2022: Route raised $200 million in a Series B round, reflecting a significant increase in valuation and investor confidence.
- 2023: Surpassed $15 billion in protected merchandise, a testament to its expansive reach and robust solutions.
- 2024: Continued its trajectory of growth by raising $40 million in Series C funding, aiming to further advance its technology and services.
Current Operations and Market Position
Currently, Route operates as a leader in the post-purchase experience sector, specifically focusing on tracking and protecting packages for e-commerce platforms. With its advanced tracking systems and strategic partnerships with over 13,000 brands including major retailers, Route plays a significant role in enhancing customer experiences across the e-commerce industry. Its significant valuation reflects its strong market position and the trust ecommerce businesses place in its services.
Conclusion
Since its establishment in 2018, Route has rapidly become a pivotal player in the post-purchase e-commerce space. With substantial funding rounds and strategic expansions, Route is well-positioned to leverage its robust technology and extensive partnerships to continue driving innovation and enhancing consumer experience in online shopping. As Route grows, it remains focused on expanding its global footprint and developing new solutions to meet the evolving needs of its vast clientele.