Innovative Route Optimization Software Doubles Staff, Records 5M Routes in 256 Cities and 9X Revenue Increase
VANCOUVER, Feb. 23, 2016 /CNW/ - Leading route optimization solution Routific has announced its exponential revenue growth of 890 percent for 2015. The company also revealed they have raised an undisclosed seed round led by Pallasite Ventures that brings total funding to $1.2 million.
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Coupled with this growth, Routific doubled its number of employees and optimized 5,227,526 routes around the world expanding from 5 cities to 256 cities in the past year. Routific also signed its first major enterprise deal with a $600 million e-commerce company that reports growth of 54 percent YoY in 2015.
"Routific's strong team paired with its growing network of global distribution partners were the foundation for its recent oversubscribed seed round," said Managing Partner of Pallasite Ventures Chris Bissonnette, "I'm excited to be a part of this endeavor."
Routific earned a spot in Techstars Chicago, beating out more than 800 hopeful startups that applied to be a part of the exclusive 2015 cohort.
"As Routific's lead mentor at Techstars, I've had the privilege of working closely with the team as they skillfully execute on an ambitious vision," said investor Brian Hand. "They've built a viable, scalable business that many investors believe in, including myself and FireStarter Fund."
Firestarter Fund includes notable members such as Sam Yagan, CEO of The Match Group, J.B. Pritzker, Managing Partner of The Pritzker Group, and Troy Henikoff, Founder of SurePayroll.
"The outpouring of support from key investors helped us confirm what we already knew: that smart logistics is desperately needed and that Routific's route optimization solution fills a huge market need," says Routific Founder Marc Kuo. "We have worked tirelessly on building the best routing platform for delivery fleets around the world. Constant iteration and continuous development of our product has helped us make a name in the industry as the smartest, most trusted route optimization solution on the market."
More information on Routific can be found on their website https://www.routific.com/
Routific is a route optimization solution for last-mile delivery fleets, saving businesses up to 40% on time and fuel. Today, the power and efficiency of our proprietary algorithm combined with a stellar user experience makes Routific the best routing solution on the market.
ABOUT PALLASITE VENTURES
Pallasite Ventures is an agile venture capital firm that works closely with early stage tech and consumer product companies to quickly provide companies capital for long-term growth. The firm has offices in Chicago and Vancouver, Canada.
Image with caption: "Routific is a route optimization solution for last-mile delivery fleets, saving businesses up to 40% on time and fuel. (CNW Group/Routific)". Image available at: http://photos.newswire.ca/images/download/20160223_C8917_PHOTO_EN_624385.jpg
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