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Digital freight broker Convoy announced it raised $260 million in new funding and added a $150 million line of credit as it intends to accelerate the development of its efficiency-focused technologies.
With the most recent equity investment, Seattle-based Convoy reported it is valued at $3.8 billion.
“The pandemic highlighted how important trucking is and how volatile and inefficient this industry can be,” Dan Lewis, co-founder and CEO of Convoy, said in a release. “We know that we can do better by using modern technology and algorithms to help orchestrate freight logistics, improve service, reduce waste and help drivers. That is Convoy’s mission.”
Today we announced our Series E funding round. Great insights from our CEO and co-founder on the state of our industry and where we’re headed next. https://t.co/LwLSLe8HYj
— Convoy (@convoyteam) April 21, 2022
In 2015, Convoy noted it pioneered a new approach to trucking, digitally connecting shippers and carriers to the Convoy platform, applying machine learning models to more efficiently match carriers to loads.
Today, Convoy’s platform connects shippers and freight brokers to a nationwide network of 400,000 trucks through its intuitive carrier-facing smartphone app and technology platform. The result is on-demand and elastic truckload freight capacity, allowing shippers to move goods more efficiently, and truckers to earn more while reducing unnecessary carbon emissions, it noted.
Convoy ranks No. 54 on the Transport Topics Top 100 list of the largest logistics companies in North America.
Truckers benefit greatly from Convoy’s easy-to-access, desirable freight, fair and market-based pricing, universal trailer pool, attractive payment terms and other ancillary benefits that seek to level the playing field between them and their often larger competitors, the company said in a release. — Transport Topics
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