Route raises $200 million 🦄

According to Forbes, package tracking firm Route closed a $200 million Series B funding round at a $1.25 billion valuation, bringing its total funding to $249 million.

Eldridge Industries, FJ Labs, JAWS Estates Capital, Madrona Venture Group, Riot Ventures all participated in the round, which was led by an unknown London-based investment group.

The Lehi-based startup’s App connects online orders from any brand, allowing customers to visually follow where their shipments are on a map, and organize order history. Route collects transaction fees from merchants each time a customer buys a product marketed through its software, and it gets revenue from insurance.

The Route Package Protection covers lost, stolen, and damaged items and is a marine cargo insurance policy secured via Artex Risk Solutions through Seg Insurance; both are companies of Gallagher .

Bottom Line: Another unconventional insurance intermediary.