Convoy raises $400 million to transform the $800 billion trucking industry, new funding co-led by Former President’s Al Gore Fund
The trucking industry is $800 billion market. The industry is faced with many challenges including inefficiency and waste. To address these issues, Convoy is a tech-enabled trucking network that uses the latest technology to connect shippers with nearby carriers and book jobs instantly. The startup is on a mission to reducing waste for shippers and carriers and driving down inefficiency, which generates over 72M metric tons of wasted CO2 emissions per year from empty trucks.
Late last year we wrote about Convoy when the digital freight startup raised $185 million to join the startup unicorn club. The round, which was led by an investment arm of Google parent company Alphabet Inc., was one of the biggest investments in a lineup of technology-driven freight startups.
Today, Convoy announced it has raised another $400 million in new funding co-led by former president’s Al Gore sustainability-focused investing fund, Generation Investment Management, and T. Rowe Price. The funding proceeds will be used to help eliminate hundreds of billions of dollars of waste in the trucking industry. The new capital infusion now put the startup at $2.75 billion valuation.
Unlike traditional freight companies, Convoy matches reliable trucks or carriers with companies that need to ship freight. With Convoy, carriers get access to a free mobile app that enables to find loads, save time, drive fewer miles empty, and get paid quickly. Shippers also use Convoy’s data-driven insights and industry-leading service levels to improve the supply chain operations and lower costs.
Founded in 2015 by Dan Lewis and Grant Goodale, Convoy is a full-service trucking company that uses the latest technology to connect shippers with nearby carriers and book jobs instantly. Since its inception four years, Convoy Inc. has been able to assembled a lineup of big backers and tech heavyweights that includes Bill Gates, Jeff Bezos and Marc Benioff, and now former president Al Gore.
In a post on Twitter, Convoy said, “In 2015, we started a movement in efficient freight. Today, we announced that we have raised $400 million in funding to help eliminate hundreds of billions of dollars of waste in the trucking industry.”
Co-leading the investment round are @GenerationFndt and @TRowePrice. Investment funds also participating in our funding include @BaillieGifford, @Fidelity, Durable and Series C investors @capitalgtweets and Lone Pine Capital.
— Convoy Team (@convoyteam) November 13, 2019