Brokerage app Convoy to expand its load-matching marketplace
Brokerage app Convoy announced expansion of its load-matching marketplace. The app raised $62 million I Series B funding for the expansion and to accelerate product development.
The funding was led by Y Combinator’s Continuity Fund and investors such as Microsoft boss Bill Gates, Salesforce CEO Marc Benioff, former Starbucks President Howard Behar and the founders & CEOs of Expedia, eBay, Instagram, and DropBox.
Convoy CEO, Dan Lewis hopes to further expand the platform to the East Coast and credits the trust the digital freight broker has built with carriers for the funding.
“But we’re ready to go now,” Lewis says, noting the company would stick to its historical expansion method of adding regions and lanes that connect them. “In less than two years, Convoy has grown its footprint from the Peugeot Sound-area, to the Pacific Northwest, to west of Rockies and is now pushing eastward. Our focus has been on building density into a national footprint.”
Through Convoy, verified carriers have access to loads from over 300 shippers. Carriers use the app for the entire freight transaction and they receive payment within 24 hours of delivery with no hidden fees.
The platform’s shipping customers include brands such as Unilever and Anheuser-Busch, as well as Niagara Bottling and Tenaris. Its fleet force has a network of approximately 10,000 trucking companies.