Convoy Raises $185 Million to Reinvent the $800B Trucking Industry

As part of the new investment, David Lawee from CapitalG will join the board of directors.

New investors also include funds and accounts advised by T. Rowe Price Associates, Inc. and Lone Pine Capital. Existing investors also participated in this round.

“Convoy has the potential to transform the trucking industry. The team has built a leading tech-enabled marketplace that provides shippers with a more efficient freight solution and truck drivers with increased access to work. We believe Convoy will continue to leverage its technology and data capabilities to drive increased efficiency for the industry overall,” said David Lawee, Partner at CapitalG. “I’m thrilled to join Convoy’s board of directors and look forward to supporting their continued growth.”

Convoy will use the funds to further accelerate product innovation to meet the scale and demand from shippers and carriers.

“Trucks run empty 40% of the time, and they often sit idle due to inefficient scheduling. This is a drag on the economy, the environment, and the bottom lines of shippers and carriers alike,” Dan Lewis, co-founder and CEO of Convoy said. “Convoy’s ability to serve our shippers and carriers with ground-breaking, innovative technology is already having an impact on these critical problems, and our partnership with CapitalG and other leading investors will accelerate this.”