Keiretsu Forum, Zino participate in EnRoute's latest financing |
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Keiretsu Forum, Zino participate in EnRoute's latest financing
As we've noted before, making sure that packages get from point A to point B is not the sexiest of businesses. But some Seattle angel investors think there is money to be made in online shipping logistics services.
EnRoute Systems -- the Bellevue startup led by Azaleos founder Keith McCall -- has closed out the company's series A financing round at an oversubscribed $810,000. We previously reported on EnRoute raising $750,000, but the company opened up the round again after it won a $60,000 prize as part of the Zino Zillionaire Investment Forum.
EnRoute has had so much success on the fundraising circuit that it plans to open up a $500,000 convertible note and go after $3 million in series B funding next year.
McCall
In fact, the company raised more than $500,000 alone from chapters of the Keiretsu Forum -- which led McCall to say that you "get what you pay for" when it comes to angel groups. (That was a reference to some recent chatter on blogs, including TechFlash, about presentation fees at Keiretsu).
The company -- which has had more than 50 companies utilize its ShipIt! Portal for small to medium-sized businesses -- plans to reach profitability in the first half of next year, McCall said.
Customers include Renton Western Wear, Theo hocolate, BikeWagon.com and Lumber Liquidators, with McCall saying that the online subscription service can save shippers between $1.10 and $2.60 per $12 package.
Other investors in the most recent round included the Puget Sound Venture Club and former PetSmart CEO W.R. Ford Smith II.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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