Business

Chile's SimpliRoute raises $8 million to expand to Brazil, will target Canada too

In Latin America, the company has captured more than 1,000 customers in industries such as retail, healthcare, mass consumption, collections, couriers, and e-commerce

LABS

10.Dec.2021 09:20 BRT

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The round will be used to bring its technology to new markets;
SimpliRoute is in countries such as Mexico, Argentina, Peru, Colombia, Uruguay, and Chile.

Chilean route prediction startup SimpliRoute raised a new round of $8 million from Chilean and North American individual investors.

The round will be used to bring its technology to new markets. Álvaro Echeverría, CEO of SimpliRoute, points out that “our company has made a name for itself in Latin America thanks to our algorithms that optimize logistics for companies of all sizes, and we hope to achieve the same in new markets such as Brazil and the United States. This capital injection will also allow us to project our Series B, which will ensure the growth of our platform for 7 to 10 years, in addition to guaranteeing the acquisition of strategic technological solutions.”

The startup expects to close its next round in the middle of next year. It is already in contact with several foreign investment funds, projecting a target of between $50 million to $80 million in fundraising.

SimpliRoute is in countries such as Mexico, Argentina, Peru, Colombia, Uruguay, and Chile. Following that, it will open offices in Brazil. They also hope to start operations in Florida in the United States, a strategic point from which they will seek to boost their presence on the East Coast and then jump to the West Coast.

Echeverría explains that “all these plans, which are ambitious on paper, are based on our differential: owning our technology. Our know-how, in essence, lies in the fact that our algorithms are developed internally. Therefore, a large part of the team is dedicated to working on the accuracy, speed, and stability of our platform,” he says.

In Latin America, the company has captured more than 1,000 customers in industries such as retail, health, mass consumption, collections, couriers, and e-commerce, from more than 26 countries. The idea, says SimpliRoute, is to repeat the formula of democratizing logistics intelligence for small, medium, and large companies, and then project its arrival in Canada.

SimpliRoute’s software, based on machine learning technology, allows companies to optimize their routes, with technology that allows them to save 32% in kilometers traveled and the fuel used, more than 80% in time spent on route development, and reduce vehicle fleets by up to 10%.