Route, the post-purchase experience platform and delivery insurance provider, has closed a $200m Series B round, propelling the company to a $1.25bn valuation.
The round was led by a large London-based investment firm. Other investors in this round included Eldridge, Madrona Venture Group, Riot Ventures, Banner Ventures, FJ Labs, Endeavor, 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.
This funding round establishes Route as the only package tracking company to achieve unicorn status. Route’s platform connects online orders from any brand, allowing customers to visually follow where their shipments are on a map.
Route also provides an insurance programme that allows customers to purchase buyer protection for peace of mind against lost, stolen, or damaged packages. Route positions the product, which has insured 35 million customers, as an alternative to “one-size-fits-all shipping insurance”.
Route said the funding will support its growing product and engineering teams to continue developing new technology and features – such as advancements in personalisation, 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 said it also plans on using the funding to expand its 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.
Evan Walker, founder and CEO of Route, said, “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.
“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 personalised to each user based on global shopping behaviour and trends.”
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