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convoy.com

Founded Year

2015

Stage

Line of Credit | Alive

Total Raised

$1.085B

Valuation

$0000 

Last Raised

$150M | 2 mos ago

Revenue

$0000 

About Convoy

Convoy is a technology-enabled trucking network that allows shippers to connect with nearby trucking companies and book and track jobs instantly. Convoy's platform offers real-time notifications of jobs and free fleet management tools. Convoy was founded in 2015 and is based in Seattle, Washington.

Convoy Headquarter Location

1301 2nd Ave, Ste 1300

Seattle, Washington, 98101,

United States

425-214-1769

ESPs containing Convoy

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTHMARKET STRENGTHLEADERHIGHFLIEROUTPERFORMERCHALLENGER
Mobility / Supply Chain & Logistics

Digital freight marketplaces match shippers with available carriers (e.g., truck fleets) via online platforms. Effectively matching supply with demand helps avoid capacity constraints and bottlenecks, which are common in the highly fragmented trucking industry. These marketplaces are equipped with AI-driven data analytics that help improve freight matching arrangements by enhancing pricing transpa…

Convoy named as Leader among 14 other companies, including Uber Freight, 3Gtms, and Loadsmart.

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Expert Collections containing Convoy

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Convoy is included in 4 Expert Collections, including Supply Chain & Logistics Tech.

S

Supply Chain & Logistics Tech

4,285 items

Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).

U

Unicorns- Billion Dollar Startups

1,168 items

A

Auto & Mobility Tech

415 items

We define trucking tech broadly as companies developing technology-enabled services and products focused on the freight trucking industry, such as trucking-oriented marketplace platforms, fleet management solutions, and onboard monitoring and tracking systems.

T

Tech IPO Pipeline

568 items

Convoy Patents

Convoy has filed 7 patents.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/8/2014

2/28/2017

Video signal, Digital display connectors, Broadcast engineering, Image processing, Diagrams

Grant

Application Date

8/8/2014

Grant Date

2/28/2017

Title

Related Topics

Video signal, Digital display connectors, Broadcast engineering, Image processing, Diagrams

Status

Grant

Latest Convoy News

Convoy, which just raised $260M, lays off 7% of workforce in latest tech startup cuts

Jun 10, 2022

(GeekWire File Photo / Taylor Soper) Convoy laid off 7% of its staff Thursday, becoming the latest tech company to slash headcount amid an uncertain economic environment. A spokesperson for the Seattle trucking marketplace startup confirmed the layoffs to GeekWire. Convoy said it employed 1,300 people in April, when it raised a $260 million investment round at a $3.8 billion valuation, so the cuts affected around 90 employees. “We have made a number of organizational and other operating expense related changes to ensure we are in the strongest financial position possible ahead of the potential for worsening economic conditions,” the spokesperson said in a statement (read in full below). A bevy of tech startups have laid off employees and larger giants are slowing or halting hiring altogether, with a number of macroeconomic conditions including rising inflation causing concern for companies across sectors. Venture capitalists are advising tech companies to cut expenses and extend their cash runways. Stitch Fix and Bird are among those that also announced layoffs this week. Even unicorn startups — those valued at above $1 billion — are not immune to market forces, including companies that just raised huge swaths of cash such as Convoy. Here’s the full statement from the Convoy spokesperson: “We have made a number of organizational and other operating expense related changes to ensure we are in the strongest financial position possible ahead of the potential for worsening economic conditions. As a result of these changes, we were sad to have to say goodbye to approximately 7% of Convoy’s workforce today. This decision was not easy, nor taken lightly. With our recent fundraise behind us and the continued intrinsic strength of our business we look forward to continuing to disrupt the freight industry for the betterment of truck drivers, shippers and the planet, whatever market conditions we encounter along the way. We will be opening up our networks to support departing staff in their efforts to secure new roles.” Founded in 2015 and backed by the likes of Bill Gates and Jeff Bezos, Convoy’s software automates transactions between trucking companies and shippers. Its network has more than 400,000 trucks and a roster of shippers including Home Depot, Procter & Gamble, Unilever, and Anheuser-Busch. The company, ranked No. 4 on the GeekWire 200 list of top Pacific Northwest startups, said in April it expected to surpass $1 billion in revenue this year. Its revenue for the first quarter was up 51% year-over-year. It was just ranked No. 6 on CNBC’s annual Disruptor 50 list . Convoy is one of many fast-growing logistics tech startups — including several in the Seattle region  — that have  raised billions of dollars in recent years  amid supply chain chaos caused by the pandemic as shippers dealt with market unpredictability and are turning to tech for help. Convoy competes with a number of similar digital-focused shipping companies including Uber Freight, in addition to traditional brokers investing in their own technology. They are battling for a share of a $800 billion U.S. trucking industry. Convoy is led by co-founders who previously worked at Amazon: CEO  Dan Lewis  and Chief Experience Officer  Grant Goodale . They started the company by hanging out at truck stops and getting kicked out of warehouses as they did market research when Convoy was just a kernel of an idea. Former Expedia CEO  Mark Okerstrom  joined the company in August 2020 as president and COO. Former Cars.com CFO  Sonia Jain  just joined Convoy as its CFO earlier this year. In addition to its fresh venture funding, Convoy also landed a $150 million line of credit in April. Other investors include Baillie Gifford; accounts advised by T. Rowe Price Associates, Inc.; Expedia Chairman Barry Diller; Salesforce CEO Marc Benioff; Code.org founders Hadi and Ali Partovi; former Starbucks president Howard Behar; U2’s Bono and The Edge; among others.

Convoy Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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Convoy Rank

  • When was Convoy founded?

    Convoy was founded in 2015.

  • Where is Convoy's headquarters?

    Convoy's headquarters is located at 1301 2nd Ave, Ste 1300, Seattle.

  • What is Convoy's latest funding round?

    Convoy's latest funding round is Line of Credit.

  • How much did Convoy raise?

    Convoy raised a total of $1.085B.

  • Who are the investors of Convoy?

    Investors of Convoy include Greylock Partners, Marc Benioff, Hadi Partovi, Ali Partovi, T. Rowe Price and 44 more.

  • Who are Convoy's competitors?

    Competitors of Convoy include Freightos, Trukker, Leaf Logistics, Flexport, Kargo Technologies, Loadsmart, NEXT Trucking, Uber Freight, GoShare, CargoX and 25 more.

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