On-demand trucking app Convoy raises $185M during $1B valuation

CapitalG, a expansion equity arm of Alphabet, has led a $185 million turn in Convoy, a initial investment in a Seattle-based tech-enabled trucking network.

The turn brings Convoy’s sum lifted to $265 million and values a association during $1 billion. New investors T. Rowe Price and Lone Pine Capital participated in a financing alongside existent investors.

Convoy has prolonged been corroborated by Greylock Partners, that led a startup’s Series A in 2015. Y Combinator is also a backer. In an surprising pierce final year, Y Combinator led a $62 million turn in Convoy in what was a initial time a accelerator deployed collateral from a smoothness account into a late-stage association that was not a YC graduate.

Salesforce CEO Marc Benioff, Dropbox CEO Drew Houston, Bezos Expeditions and former Starbucks boss Howard Behar are also Convoy investors.

Founded by a span of former Amazonians, Dan Lewis and Grant Goodale, Convoy is perplexing to renovate a $800 billion trucking attention — no easy feat. Dubbed a ‘Uber for trucks,’ Convoy’s app connects truckers with people who need burden moved. With a new funding, it’ll enhance national and pierce over only burden matching.

“Trucks run dull 40% of a time, and they mostly lay idle due to emasculate scheduling,” Convoy CEO Dan Lewis pronounced in a statement. “This is a drag on a economy, a environment, and a bottom lines of shippers and carriers alike. Convoy’s ability to offer a shippers and carriers with ground-breaking, innovative record is already carrying an impact on these vicious problems, and a partnership with CapitalG and other heading investors will accelerate this.”

According to GeekWire, Convoy is operative on a new apartment of collection to assistance truckers mix tasks so they rubbish reduction time. And it’s operative to yield shippers entrance to tracking and pricing information by a platform.

As partial of a deal, CapitalG partner David Lawee will join Convoy’s house of directors.

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