Convoy Raises $260 Million To Accelerate Digital Freight Transformation

Apr 21, 2022•about 3 years ago

Amount Raised

$260 Million

Seattle

Description

Convoy, the nation’s leading digital freight network, raised $260 million in new funding, comprised of a $160 million Series E preferred equity round led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, Inc., as well as a $100 million venture-debt investment from Hercules Capital, Inc. (NYSE: HTGC). The company also secured a new $150 million line of credit from J.P

Company Information

Company

Convoy

Location

Seattle, Washington, United States

About

Convoy is the nation’s leading digital freight network. We move thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 87 million metric tons of wasted CO2 emissions from empty trucks. Fortune 500 shippers like Anheuser-Busch, Procter & Gamble, Niagara, and Unilever trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets.

Funding Insights

Based on industry data

Tech investment trends

83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

Convoy Raises $260 Million To Accelerate Digital Freight Transformation

Description

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Funding Insights

Company Information