Forbes Next Billion-Dollar Startup
Founders: Mike Moreno, Evan Walker (CEO)
Equity raised: $91 million
Estimated 2020 revenue: $34 million
Lead investors: Album VC, Craft Ventures
Route aims to tackle the e-commerce problem of “Where is my order?” or “wismo,” as it’s known in the industry, by connecting merchants with their customers after online orders are placed. It also offers built-in shipping insurance. “We allow the consumer to click a button and instantly reorder their stuff,” says Walker. That saves customers the time and aggravation of calling customer service to track down orders that have gone astray and increases their loyalty to the brands that make it easy. The Lehi, Utah-based startup, which has signed up more than 10,000 merchants, collects about half its revenue from the service fees it charges for insurance and the rest from transaction fees that merchants pay each time a customer buys a product marketed through Route. The visual tracking itself is free. Walker, 41, started his first e-commerce business at 14, when he built a website that sold video games out of his bedroom; a few years later, its annual sales surpassed $10 million.