Convoy is a digital freight network which connects the truckers with the shippers. It has now raised a fund of $400 million in Series D funding round since the objective of it is to scale the business in the middle of the competitive market. This funding round has brought the valuation of Convoy to $2.75 billion. The round was mainly co-led by the Generation Investment Management and the T. Rowe Price Associates. The later one previously invested on Convoy. Baillie Gifford is an asset management company that is fond of the pre-IPO technological companies which along with the Fidelity and Durable Capital Partners, the CapitalG (Series C investors) and Lone Pine Capital are participating in the round.
Convoy has now managed to draw the attention of the high profile investors like Jeff Bezos, CEO Marc Benioff, Salesforce and U2’s Bono and Edge. Convoy has raised an amount of over $68 million fund since the period of its founding. The early investors who invested funds on Convoy are – Greylock Partners, Cascade Investment, Y Combinator, Hadi and Ali Partovi who were the founders of Code.org. All the money has been put to the work and the co-founders of Convoy named Dan Lewis and Grant Goodale had set out during 205 to upgrade the freight brokerage. It was a fragmented and an oftentimes analog business which match the loads from the shippers with the truckers. Convoy now has routes of about 100 and several of the roads are concentrated into the economic hubs like Michigan, California and Chicago.