Convoy, a Seattle, WA-based provider of a digital freight network, raised $260M in Series E funding at a $3.8 billion valuation.
The round was led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, Inc., as well as a $100m venture-debt investment from Hercules Capital, Inc. (NYSE: HTGC). The company also secured a new $150m line of credit from J.P. Morgan.
In addition, the company’s investor base includes Generation Investment Management, Fidelity, Durable Capital Partners, Capital G, Lone Pine Capital, Greylock Partners, Y Combinator, Bill Gates, Jeff Bezos, Salesforce CEO Marc Benioff, Code.org founders Hadi and Ali Partovi and U2’s Bono and The Edge, among others.
The company intends to use the funds to accelerate the development of its technologies
Led by Dan Lewis, CEO, Convoy moves thousands of truckloads around the country each day through an optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for the planet.
Today, the platform connects shippers and freight brokers to a nationwide network of 400,000 trucks through its smartphone app and technology platform. Convoy’s technology reduces environmental waste by more efficiently bundling and matching shipments with trucks, reducing empty miles from the industry standard of 35% to 19%.
Fortune 500 shippers like Anheuser-Busch, Procter & Gamble, Niagara, and Unilever currently use it.
FinSMEs
21/04/2022