SEATTLE--(BUSINESS WIRE)--Convoy, the fastest-growing technology-enabled trucking network in the U.S., raised $62M in Series B financing led by Y Combinator’s Continuity Fund. Other new investors included Cascade Investment, the private investment vehicle of William H. Gates III, Mosaic Ventures, former U.S. Senator Bill Bradley, and Barry Diller. They join existing Convoy investors Greylock Partners, Salesforce CEO Marc Benioff, Jeff Bezos via Bezos Expeditions, Expedia CEO Dara Khosrowshahi, former Starbucks President Howard Behar, Code.org founders Hadi and Ali Partovi, and the founders & CEOs of eBay, Instagram, KKR, and DropBox, among others. Anu Hariharan and Ali Rowghani, partners in the YC Continuity Fund, joined the Convoy board of directors.
“By improving trucking, Convoy is improving the foundation of our economy,” said Anu Hariharan, Partner, YC Continuity. “This service allows shippers to transform their supply chains at the same time that it allows carriers to grow their businesses more quickly, on their own terms. In 10 years, we’ll be astonished that this was ever done another way.”
With Convoy, verified carriers gain access to personalized job offers and free tools to manage their fleet, reduce overhead, and cut down paperwork. Convoy’s network of truck drivers bring industry-leading service to shippers of all sizes, including Fortune 500 brands Unilever and Anheuser-Busch, as well as Niagara Bottling and Tenaris. This performance has earned Convoy rapid growth, with volume doubling each quarter, as well as formal recognition from its customers. Unilever awarded Convoy its global 2017 Partner to Win Visionary Award in May. At the ceremony, Unilever Chief Procurement Officer Dhaval Buch praised Convoy for “playing a vital role in helping us to deliver our sustainability commitments and support our growth with their capacity, capabilities, innovations and new technologies.” Additionally, Convoy received recognition in the technology community when it was awarded Geekwire’s 2017 Startup of The Year.
“Ask any shipper or truck driver about their business and they’ll point out a dozen things that could run better. Technology is changing this. Now people are excited about the possibilities for innovation,” said Convoy CEO, Dan Lewis. “Convoy’s mobile app and automated brokerage raise the bar for service reliability and reduce wasted miles—increasing revenue and improving operations for everyone involved.”
Convoy will use the funds to accelerate product development and expand its trucking marketplace nationally.
Convoy is an award-winning technology-enabled trucking network that offers guaranteed capacity and industry-leading reliability for the transport of freight. Unlike traditional freight brokers, Convoy offers instant, guaranteed prices, automated brokering to lower costs, and full transparency through real-time GPS on all jobs. Verified carriers use Convoy’s platform to receive personalized, real-time notifications of jobs, free fleet management tools, and payment within days of completing a job. Headquartered in Seattle, Convoy’s investors include Greylock Partners; Y Combinator’s Continuity Fund; Allen & Company; Fuel Capital; Red Sea Ventures; Mosaic Ventures; Cascade Investment, the private investment vehicle of William H. Gates III; Salesforce.com CEO Marc Benioff; eBay founder Pierre Omidyar via Omidyar Technology Ventures; KKR CEO Henry Kravis; Jeff Bezos via Bezos Expeditions; Code.org founders Hadi and Ali Partovi; Expedia CEO Dara Khosrowshahi; Dropbox CEO Drew Houston; former Starbucks President Howard Behar; Barry Diller; Kevin Systrom; Drew Houston; former U.S. Senator Bill Bradley; and other angel investors. More at Convoy.com, Facebook and Twitter.