Convoy is a network of tech-enabled trucking companies transforming the $800B trucking industry and logistics ecosystem for truck drivers and shippers.
Convoy is reinventing the supply chain with technology-backed full service trucking.
Convoy was founded in 2015 by Dan Lewis and Grant Goodale. The company is headquartered in Seattle, Washington with an additional office in Atlanta, Georgia.
Convoy uses technology to match reliable trucks (“carriers”) with companies that need to ship freight. With Convoy, carriers get access to a free mobile app that allows them to find loads they want, save time, drive fewer miles empty, and get paid quickly.
Convoy already has fintech offerings like a fuel card and quick payments. The company launched its drop-and-hook service that allows shippers to pre-load Convoy trailers and set them aside so truckers can pick them up during more flexible windows.
Convoy has leased out over 3,000 trailers nationwide. Convoy also intends to scale up a new initiative that allows other brokers in the industry to run their brokerage business on the Convoy technology platform, giving them access to the trucks running on Convoy’s digital network.
Convoy is backed by T. Rowe Price, Baillie Gifford, Greylock Partners, CapitalG, KKR, J.P. Morgan, Generation Investment Management, Marc Benioff, Bezos Expeditions, DropBox, Hercules Capital, and others. The company raised $260M in Series E and Debt financing on Apr 21, 2022. This brings Convoy's total funding to $925.5M to date. The latest round pushed the company's valuation to $3.8B, from the previous $2.75B gained after their Series D raised in Nov 2019.