On-demand trucking app Convoy raises $185M at $1B valuation

On-demand trucking app Convoy has raised $185 million bringing the total funds raised by the company to  $265 million with a valuation of $1 billion

CapitalG,  the growth equity arm of Alphabet,   led the round, its  first investment in the Seattle-based, tech-enabled trucking network. Other new investors are T. Rowe Price and Lone Pine Capital.

Existing investors for Convoy include Greylock Partners, Salesforce  CEO Marc Benioff,  Dropbox CEO Drew Houston, Bezos Expeditions  and former Starbucks  president Howard Behar.

Founded by a pair of former Amazonians, Dan Lewis and Grant Goodale, Convoy is trying to transform the $800 billion trucking industry, which is no easy feat. Dubbed the ‘Uber  for trucks,’ Convoy’s app connects truckers with people who need freight moved. With the new funding, it’ll expand nationwide and move beyond just freight matching.

According to GeekWire, Convoy is working on a new suite of tools to help truckers combine tasks so they waste less time. And it’s working to provide shippers access to tracking and pricing data through its platform.

As part of the deal, CapitalG partner David Lawee will join Convoy’s board of directors.

Share on TwitterShare on FacebookShare on LinkedInPin it on PinterestSubmit to redditShare on Tumblr

Written by admin

Leave a Reply