Convoy Raises $185 Million Led by CapitalG to Reinvent the $800B Trucking Industry
SEATTLE--(BUSINESS WIRE)--Sep 21, 2018--Convoy, the leading technology-enabled trucking network in the U.S., announced today that it has secured $185M in Series C financing led by CapitalG, the growth equity investment fund of Google parent company Alphabet, bringing Convoy’s total capital raised to more than $265 million. As part of the new investment, David Lawee from CapitalG will join the board of directors.
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Convoy carrier app - Request a Load (Photo: Business Wire)
New investors also include funds and accounts advised by T. Rowe Price Associates, Inc. and Lone Pine Capital. Existing investors also participated in this round.
“Convoy has the potential to transform the trucking industry. The team has built a leading tech-enabled marketplace that provides shippers with a more efficient freight solution and truck drivers with increased access to work. We believe Convoy will continue to leverage its technology and data capabilities to drive increased efficiency for the industry overall,” said David Lawee, Partner at CapitalG. “I’m thrilled to join Convoy’s board of directors and look forward to supporting their continued growth.”
Convoy will use the funds to further accelerate product innovation to meet the scale and demand from shippers and carriers.
“Trucks run empty 40% of the time, and they often sit idle due to inefficient scheduling. This is a drag on the economy, the environment, and the bottom lines of shippers and carriers alike,” Dan Lewis, co-founder and CEO of Convoy said. “Convoy’s ability to serve our shippers and carriers with ground-breaking, innovative technology is already having an impact on these critical problems, and our partnership with CapitalG and other leading investors will accelerate this. We are very excited about what lies ahead.”
Convoy is the leading technology-enabled trucking network that offers reliable, guaranteed capacity for the transportation of freight. Unlike traditional providers, Convoy offers instant prices and full transparency through real-time GPS on all jobs. Convoy’s nationwide network of carriers use the free mobile app to receive personalized notifications of jobs, fleet management tools, No Hassle Detention, and payment within days of completing a job. Learn more at www.convoy.com
Convoy’s investors include CapitalG; T. Rowe Price; Lone Pine Capital; Greylock Partners; Y Combinator’s Continuity Fund; Allen & Company; Fuel Capital; Red Sea Ventures; Mosaic Ventures; Cascade Investment (the private investment vehicle of William H. Gates III); Salesforce.com CEO Marc Benioff; eBay founder Pierre Omidyar via Omidyar Technology Ventures; KKR CEO Henry Kravis; Jeff Bezos via Bezos Expeditions; Code.org founders Hadi and Ali Partovi; U2’s Bono and The Edge; Dropbox CEO Drew Houston; former Starbucks President Howard Behar; Barry Diller; Kevin Systrom; former U.S. Senator Bill Bradley; and other angel investors.
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KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT TRANSPORT TRUCKING LOGISTICS/SUPPLY CHAIN MANAGEMENT RETAIL
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PUB: 09/21/2018 06:00 AM/DISC: 09/21/2018 06:00 AM