Convoy (company)

Convoy (company)

Convoy is a trucking and logistics company that utilizes technology to connect shippers with carriers and book services.

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.

Services

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.

Funding

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.

Timeline

November 2019

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.

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2 Results
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People

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Role
LinkedIn

Dan Lewis

Co-Founder, CEO

Grant Goodale

Co-Founder, CTO

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News

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April 24, 2020
WebWire
As a faith-based, nonprofit organization, Convoy of Hope helps empower others to live with greater independence and freedom from poverty, disease and hunger. Since its founding in 1994, the organization has served 132 million people worldwide. In the United States, the Convoy of Hope transportation team is on the front lines of delivering food, water, hygiene kits, baby items and relief supplies and more to communities in need during times of disaster, hunger and crisis. "Our experienced...
Rachel Premack
November 13, 2019
Business Insider
Convoy raised $400 million for its freight brokerage and software solution. The Seattle-based trucking tech unicorn is now valued at $2.75 billion.
Kirsten Korosec
November 13, 2019
TechCrunch
Convoy, the digital freight network that connects truckers with shippers, has raised $400 million in a Series D funding round as it aims to scale its business amid an increasingly competitive market. The funding round brings Convoy's post-money valuation to $2.75 billion. The round was co-led by Generation Investment Management and previous Convoy investor T. [...]
Lisa Baertlein
May 1, 2019
U.S.
As Amazon.com Inc targets traditional brokerages that match shippers with truckers, it's also battling a bevy of startups - including Uber Freight and a company funded by the e-commerce giant's founder Jeff Bezos.

References

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