Shipment Tracking Startup Route Claims Unicorn Status After $200 Million Funding Round

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Shipment Tracking Startup Route Claims Unicorn Status After $200 Million Funding Round

Ecommerce shipment tracking startup Route—which is based in the “Silicon Slopes” hotbed surrounding Salt Lake City but has a growing presence in Los Angeles—is now claiming unicorn status after raising $200 million in new funding at a $1.25 billion valuation.


Route co-founder and CEO Evan Walker told Forbes that a “London-based investment firm” led its latest funding round, while declining to name the firm due to a nondisclosure agreement. Other investors in the round included L.A.-based Riot Ventures, Madrona Venture Group and Eldridge. The new funding takes Route’s total capital raised to $291 million, Forbes reported, with Walker noting that he remains “by far the biggest majority stockholder” in the company. (Disclosure: dot.LA co-founder and chairman Spencer Rascoff is an investor in Route.)

Though online sales aren’t growing like they were at the height of coronavirus lockdown restrictions, Route has continued to benefit from the overall trend towards ecommerce. According to Forbes, its annual revenues more than doubled in 2021, to around $80 million.

Though Route’s package-tracking app is free for consumers, the startup makes money by selling shipping, insurance and marketing software to online retailers. Founded in 2018, the company has attracted more than 11,000 merchant clients and tracked more than 175 million packages.

Of Route’s roughly 450-person staff, approximately 40 are based out of its Santa Monica office. Walker said the firm is looking to ramp up its recruiting of tech talent on the West Coast, while a Route spokesperson told dot.LA that it “plans to grow pretty rapidly throughout this year across all departments.”

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Plus Capital Partner Amanda Groves on Celebrity Equity Investments

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
PLUS Capital​’s Amanda Groves.
Courtesy of Amanda Groves.

On this episode of the L.A. Venture podcast, Amanda Groves talks about how PLUS Capital advises celebrity investors and why more high-profile individuals are choosing to invest instead of endorse.

As a partner at PLUS, Groves works with over 70 artists and athletes, helping to guide their investment strategies. PLUS advises their talent roster to combine their financial capital with their social capital and focus on five investment areas: the future of work, future of education, health and wellness, the conscious consumer and sustainability.

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Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays
Courtesy of Rivian.

Rivian’s stock lost 7% yesterday on the back of news that the company could face delays in fulfilling Amazon’s order for a fleet of electric delivery vans due to legal issues with a supplier. The electric vehicle maker is suing Commercial Vehicle Group (CVG) over a pricing dispute related to the seats that the supplier promised, according to the Wall Street Journal.

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