Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos

Supply Chain
Return to: LBR Home | Supply Chain

Convoy secures over $60m in finance in funding round led by Y Combinator

Published 26 July 2017

US based technology trucking network Convoy has secured $60m in finance in a Series B funding round that is led by Y Combinator.

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.

Source: Company Press Release