Convoy is an on-demand platform that connects truck drivers with companies that need their freight services. Convoy was established in 2015 by Dan Lewis and Grant Goodale. Convoy aims to optimize the matching process between truck drivers and companies who need to move goods based on criteria such as distance, price, and capacity. The company’s headquarters is located in Seattle, Washington.
As a platform, Convoy provides truck drivers (known as Carriers) with a pool of companies (known as Shippers) who need their services to deliver cargo from point-of-origin to destination. Carriers can find Shippers through Convoy’s application. Pricing is determined by Convoy and Carriers would receive the payment on 2-3 days after delivery.
Convoy has received a total capital of $265.5 million through two funding rounds since 2015. Its most recent funding round was held in September 2018 and raised $185 million. There are 35 entities who invested in Convoy, and three of them were lead investors. Past investors for Convoy include CapitalG, T. Rowe Price, Lone Pine Capital, Jeff Bezos, and Cascade Investment.
Convoy raises a $2,750,000,000 series D round from CapitalG, Lone Pine Capital, Generation Investment Management, Durable Capital Partners, Fidelity Investments, T. Rowe Price and Baillie Gifford.