[July 25, 2017] |
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Convoy Raises Over $60M Led By Y Combinator to Scale Nationally
Convoy,
the fastest-growing technology-enabled trucking network in the U.S.,
raised $62M in Series B financing led by Y
Combinator's Continuity Fund. 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 (News - Alert), 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 (News - Alert), Instagram, KKR,
and DropBox, among others. Anu Hariharan and Ali Rowghani, partners in
the YC Continuity Fund, joined the Convoy board of directors.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170725005545/en/
Convoy Co-Founders - Grant Goodale, CTO and Dan Lewis, CEO (Photo: Business Wire)
"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 carrirs 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.
"Ask any shipper or truck driver about their business and they'll point
out a dozen things that could run better. Technology is changing this.
Now people are excited about the possibilities for innovation," said
Convoy CEO, Dan Lewis. "Convoy's mobile app and automated brokerage
raise the bar for service reliability and reduce wasted miles-increasing
revenue and improving operations for everyone involved."
Convoy will use the funds to accelerate product development and expand
its trucking marketplace nationally.
About Convoy
Convoy is an award-winning technology-enabled trucking network that
offers guaranteed capacity and industry-leading reliability for the
transport of freight. Unlike traditional freight brokers, Convoy offers
instant, guaranteed prices, automated brokering to lower costs, and full
transparency through real-time GPS on all jobs. Verified carriers use
Convoy's platform to receive personalized, real-time notifications of
jobs, free fleet management tools, and payment within days of completing
a job. Headquartered in Seattle, Convoy's investors include Greylock
Partners; Y Combinator's Continuity Fund; Allen & Company; Fuel Capital;
Red Sea Ventures; Mosaic Ventures; Cascade Investment, the private
investment vehicle of William H. Gates III; Salesforce.com (News - Alert) CEO Marc
Benioff; eBay founder Pierre Omidyar via Omidyar Technology Ventures;
KKR CEO Henry Kravis; Jeff Bezos via Bezos Expeditions; Code.org
founders Hadi and Ali Partovi; Expedia (News - Alert) CEO Dara Khosrowshahi; Dropbox
CEO Drew Houston; former Starbucks President Howard Behar; Barry Diller;
Kevin Systrom; Drew Houston; former U.S. Senator Bill Bradley; and other
angel investors. More at Convoy.com,
Facebook
and Twitter (News - Alert).
View source version on businesswire.com: http://www.businesswire.com/news/home/20170725005545/en/
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