Convoy is a digital freight network that both moves truckload and designs solutions for supply chain inefficiencies. Every day the company moves thousands of truckloads through the country using an optimized connected network for carriers. Moreover, with the help of data and technologies, the inefficiency problem is solved, drivers’ earnings are increased, and carbon waste is eliminated.
The Series E funding round was led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates. Moreover, Convoy obtains a $100 million venture-debt investment from Hercules Capital. The money raised will be used for the acceleration of efficiency-focused technology development.
Convoy, Seattle, the USA, was founded by Dan Lewis and Grant Goodale in 2015. In the beginning, the company was a pioneer of a new approach to trucking since it digitally connected carriers and shippers by applying machine learning. Convoy activates small trucking companies that greatly benefit from Convoy’s accessible, easy freight, universal trailer pool, and market-based pricing. Convoy connects over 400 000 trucks through a special app and technology platform. The company has a variety of programs and products, among them are Convoy for Brokers, Dynamic Backup, Convoy Go, and Guaranteed Primary. “We know that we can do better by using modern technology and algorithms to help orchestrate freight logistics, improve service, reduce waste, and help drivers. That is Convoy’s mission,” Dan Lewis, CEO of Convoy.