Total amount raised
$1.1 Billion
Latest funding date
04/01/2022
Location
Convoy has successfully navigated through 10 funding rounds, with the latest being a Debt Financing round involving JP Morgan. The company is backed by 51 investors, including notable names like Baillie Gifford and Park West Asset Management.
Keep reading to explore the intricacies of Convoy's fundraising journey and the investors backing this innovative digital freight network.
What Is Convoy?
Convoy, founded in 2015, is a digital freight network based in Seattle, Washington. The company operates in the freight service, logistics, and transportation industries, focusing on moving truckloads and addressing supply chain inefficiencies.
With an employee count ranging from 501 to 1000, Convoy has established itself as a significant player in the logistics sector. The company was recently acquired by DAT Freight & Analytics, further solidifying its position in the market.
How Much Funding Has Convoy Raised?
- Seed Round
- Amount Raised: USD 2,500,000
- Date: October 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial digital freight network platform.
- Series A
- Amount Raised: USD 16,000,000
- Date: March 2016
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the technology infrastructure.
- Series B
- Amount Raised: USD 62,000,000
- Date: July 2017
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and increase market penetration.
- Series C
- Amount Raised: USD 185,000,000
- Date: September 2018
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and expand the service offerings.
- Series D
- Amount Raised: USD 400,000,000
- Date: November 2019
- Lead Investors: Generation Investment Management, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the digital freight network.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Grant
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: BloombergNEF
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support sustainability initiatives and innovation in freight logistics.
- Series Unknown
- Amount Raised: USD 15,000,000
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and development of the digital freight network.
- Series E
- Amount Raised: USD 160,000,000
- Date: April 2022
- Lead Investors: Baillie Gifford, T. Rowe Price
- Valuation at Round: USD 3.8 billion
- Motivation Behind the Round: To expand the drop-and-hook service, increase the fleet, and enhance technology for optimizing routing and pricing.
- Debt Financing
- Amount Raised: USD 250,000,000
- Date: April 2022
- Lead Investors: JP Morgan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for scaling operations and technology development.
Total Amount Raised: USD 1,090,500,000. Current Valuation: USD 3.8 billion.
Key Investors
- JP Morgan
- Details: JP Morgan is a global financial services firm offering investment banking, asset management, and other financial services. They have a significant presence in various sectors, including technology and healthcare.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Uber, Twitter, LinkedIn.
- Baillie Gifford
- Details: Baillie Gifford is a global investment management firm known for its long-term growth investments. They focus on sectors like technology, healthcare, and consumer goods.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Tesla, Amazon, Alibaba.
- T. Rowe Price
- Details: T. Rowe Price is an asset management firm that invests in a wide range of sectors. They are known for their diversified investment strategies.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Google, Facebook, Microsoft.
- BloombergNEF
- Details: BloombergNEF is a research organization that provides insights and data on energy, transportation, and technology sectors. They focus on sustainable and innovative solutions.
- Investment Focus Areas: Energy, transportation, technology.
- Notable Investments: Various companies in energy and technology sectors.
- Generation Investment Management
- Details: Generation Investment Management is a firm that focuses on sustainable investments. They aim to invest in companies that contribute positively to society and the environment.
- Investment Focus Areas: Sustainable investments, technology, healthcare.
- Notable Investments: Asana, DocuSign.
What's Next for Convoy?
Convoy's future is brimming with opportunities, particularly in expanding its drop-and-hook service and optimizing its technology platform. With a recent $260 million funding boost, the company is well-positioned to scale its operations and enhance efficiency in the logistics industry. The potential for an initial public offering (IPO) looms on the horizon, offering a significant avenue for future fundraising.
However, challenges such as optimizing complex routes and integrating various software systems remain. The volatile nature of trucking rates also poses a risk. Yet, with a strong focus on innovation and strategic growth, Convoy is poised to navigate these hurdles and continue its upward trajectory in the digital freight network space.
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