# Convoy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/convoy

- Industry: Software
- Headquarters: Seattle, US
- Website: www.convoy.com
- Total disclosed funding: $718M
- Latest round: Series E (Apr 21, 2022)
- Investors on record: 15

## About

Convoy, Inc. is a logistics technology company that specializes in connecting freight brokers with carriers through its innovative marketplace, streamlining the transportation of goods across North America.Founded in 2015 and headquartered in Seattle, US, Convoy, Inc. operates a logistics platform that connects brokers with trusted carriers. The company was co-founded by Dan Lewis and Grant Goodale. In October 2023, Convoy raised USD 160.00 mn in a Series E funding round led by Baillie Gifford, Park West Asset Management, and T. Rowe Price. With a total of USD 160.00 mn raised to date, Convoy's current valuation stands at USD 3,800.00 mn, with 13 deals completed since inception and the most recent deal taking place in October 2023.The Convoy Platform serves as a marketplace facilitating connections between freight brokers and carriers. It features a user-friendly mobile application that allows carriers to optimize routes and maximize load efficiency, while brokers gain tools for managing freight logistics effectively. The platform primarily targets the North American logistics market, addressing challenges like utilization rates for carriers and helping brokers streamline freight management.The Convoy revenue model is transaction-based, generating fees from successful matches between brokers and carriers. It operates under a B2B structure, where brokers incur costs for utilizing the platform's services. The company employs a commission-based pricing structure, earning revenue from completed load matches, typically receiving a percentage of the total load value.In October 2023, Convoy, Inc. discontinued its operations, marking a significant shift in the company's trajectory. As such, there are no current plans for new product launches or market expansions. The recent funding was intended to bolster existing operations, though the operational discontinuation has halted any growth strategies.

## Funding rounds

- Series E, Apr 21, 2022, $160M — T Rowe Price, Baillie Gifford, Park West Asset Management
- Series D, Oct 31, 2019, $302M — T Rowe Price, Generation Investment Management, Fidelity Investments, Baillie Gifford, Lone Pine Capital, G Squared, CapitalG, Durable Capital Partners
- Series C, Sep 14, 2018, $177M — T Rowe Price, Lone Pine Capital, CapitalG
- Series B, Jul 10, 2017, $62M — Cascade Investment, Greylock Partners, Y Combinator, Bezos Expeditions, Red Sea Ventures, Mosaic Ventures
- Series A, Dec 21, 2015, $16M — Greylock Partners

## Investors

- Greylock Partners (https://capitalatlas.ai/funds/greylock-partners) — Series A, Series B
- Cascade Investment — Series B
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series B
- Bezos Expeditions — Series B
- Red Sea Ventures (https://capitalatlas.ai/funds/red-sea-ventures) — Series B
- Mosaic Ventures (https://capitalatlas.ai/funds/mosaic-ventures) — Series B
- T Rowe Price (https://capitalatlas.ai/funds/t-rowe-price) — Series C, Series D, Series E
- Lone Pine Capital — Series C, Series D
- CapitalG (https://capitalatlas.ai/funds/capitalg) — Series C, Series D
- Generation Investment Management (https://capitalatlas.ai/funds/generation-investment-management) — Series D
- Fidelity Investments (https://capitalatlas.ai/funds/fidelity-investments) — Series D
- Baillie Gifford (https://capitalatlas.ai/funds/baillie-gifford) — Series D, Series E
- G Squared (https://capitalatlas.ai/funds/g-squared) — Series D
- Durable Capital Partners — Series D
- Park West Asset Management — Series E