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CapitalG, the growth arm of the alphabet, led the $ 185 million tour to Convoy, its first investment in the Seattle-based technology trucking network.
The tour brings Convoy's total to $ 265 million and puts the company at $ 1 billion. New investors, T. Rowe Price and Lone Pine Capital, participated in the financing alongside existing investors.
Convoy has long been supported by Greylock Partners, who led the startup's A-series in 2015. Y Combinator is also a contributor. Last year, in an unusual move, Y Combinator led a $ 62 million tour to Convoy for the first time as the accelerator deployed its capital from its continuity fund to become a phased company terminal.
Salesforce CEO Marc Benioff, Managing Director of Dropbox Drew Houston, Bezos Expeditions and former Starbucks President Howard Behar are also investors in the convoy.
Founded by two former Amazonians, Dan Lewis and Grant Goodale, Convoy is trying to transform the trucking industry by 800 billion dollars, which is no small feat. Nicknamed the 'Uber For trucks, the Convoy app connects truckers to people who need freight. With the new funding, it will spread across the country and go beyond simple freight comparison.
"The trucks are empty 40% of the time, and they often stay inactive due to inefficient planning," said Dan Lewis, CEO of Convoy, in a statement. "It's a drag on the economy, the environment and the benefits of carriers and carriers. Convoy's ability to serve our shippers and carriers with breakthrough innovative technology is already having an impact on these critical issues, and our partnership with CapitalG and other leading investors will accelerate this problem. "
According to GeekWire, Convoy is working on a new suite of tools to help truckers combine tasks to save them less time. And it's about providing shippers with access to tracking and pricing data through their platform.
As part of the agreement, David Lawee, a CapitalG partner, will join Convoy's board of directors.
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