Convoy, an on-demand trucking application, raises $185 million in funding round

Convoy, an on-demand trucking application, raises $185 million in funding round

Convoy’s total funds raised is $265 million, valuing the company at $1 billion. CapitalG led the latest funding round.

  • Greylock Partners had led Convoy’s Series A funding round in 2015. Y Combinator also led a round that raised $62 million last year.
  • Convoy connects truckers with people who need fright moved. Convoy hopes to expand nationally in the US and offer more than just fright matching.
  • “Trucks run empty 40% of the time, and they often sit idle due to inefficient scheduling,” said CEO Dan Lewis in a statement. “This is a drag on the economy, the environment, and the bottom lines of shippers and carriers alike.”