Startups > Convoy

Convoy

Convoy connected shippers and carriers through AI-powered freight matching.

Series E $828M total Founded 2015 Seattle, Washington 1278 employees

Convoy was a digital freight network that connected shippers with trucking carriers through automation, machine learning, and real-time data. The platform eliminated empty truck miles and inefficient appointment scheduling by enabling instant load matching between shippers and carriers. Operating a network of 400,000 trucks with GPS tracking on 95% of loads, Convoy served major enterprises including Home Depot, Procter & Gamble, and Unilever. The company ceased operations in November 2023, with its assets acquired by Flexport.

Problem solved

35% of truck miles run empty due to poor load-carrier alignment and inefficient manual broker coordination, driving up logistics costs.

Target customer

Large enterprises and mid-market shippers requiring frequent freight movement (Home Depot, P&G, Unilever, Anheuser-Busch scale).

Website LinkedIn Crunchbase

Founders

Dan Lewis

CEO & Co-Founder

Former supply chain consultant at Oliver Wyman and product manager at Amazon; joined Microsoft in early 2025.

Grant Goodale

CTO & Co-Founder (left June 2023)

Former Amazon employee; departed Convoy in June 2023 before company shutdown.

Funding history

Seed $2.5M October 2015 Led by Unknown · Unknown

Series A $16M Unknown Led by Unknown · Unknown

Series B $62M July 2017 Led by Y Combinator Continuity Fund · Cascade Investment (Bill Gates), Mosaic Ventures, Bill Bradley, Barry Diller

Series C $185M September 2018 Led by CapitalG (Google/Alphabet) · T. Rowe Price, Lone Pine Capital, Greylock Partners, Y Combinator

Series D $400M November 2019 Led by Generation Investment Management · Unknown

Series E $160M April 2022 Led by Baillie Gifford, T. Rowe Price · Hercules Capital ($100M venture debt)

Credit Line $150M April 2022 Led by J.P. Morgan · Unknown

Total raised: $828M

Industries

Freight Service Logistics Service Industry Supply Chain Management Transportation

Pricing

Commission-based model: 15-20% take rate on freight transactions. Shippers posted loads, Convoy matched with carriers and retained commission after payment settlement.

Notable customers

Home Depot, Procter & Gamble, Unilever, Anheuser-Busch, Land O'Lakes, Dollar Shave Club

Integrations

Real-time GPS tracking integration on 95% of loads, mobile app and online dashboard access

Website

convoy.com/

Competitors

Uber Freight

Largest digital freight marketplace by revenue ($2.1B in 2021); broader platform with faster growth but less specialized matching.

C.H. Robinson

Traditional broker with $10.9B revenue; established network but manual-heavy operations vs. Convoy's full automation.

J.B. Hunt

Large integrated carrier ($18.4B revenue) with owned fleet; vertically integrated vs. Convoy's asset-light marketplace model.

CloudTrucks

Digital freight competitor; smaller scale and different technology approach.

uShip

Older digital shipping marketplace; broader than freight-focused, less enterprise-oriented.

Why this matters: Convoy raised $828M and reached a $3.8B valuation at its peak, making it one of the best-funded logistics startups. Its failure in 2023 despite massive capital and enterprise customers illustrates the challenges of profitability in digital freight marketplaces and the difficulty of displacing entrenched brokers and carriers.

Best for: Enterprise shippers moving high-volume freight regularly who need to reduce empty miles, lower shipping costs, and eliminate manual broker coordination.

Use cases

Reducing Empty Miles

Large retailers like Home Depot use Convoy's ML-powered matching to pair return-trip loads with outbound shipments, eliminating empty truck miles. This reduces logistics costs by 10-15% per load while improving carrier utilization.

Real-Time Freight Visibility

Enterprise shippers gain GPS tracking on 95% of loads with 16% lower crash rates and 20x lower cargo claims compared to industry averages. Convoy's connected carrier network provides transparency and reliability that manual brokers cannot match.

Instant Load Matching at Scale

Instead of brokers manually calling carriers for hours per load, Convoy's platform automatically matches shippers with optimal carriers in seconds. This eliminates appointment delays and enables faster freight movement for large CPG and retail companies.

Alternatives

Uber Freight Larger revenue base ($2.1B) and faster growth; broader marketplace appeal but less specialized enterprise freight matching than Convoy.

C.H. Robinson Established traditional broker with $10.9B revenue; manual processes and human-centric approach vs. Convoy's full automation and AI matching.

J.B. Hunt Integrated carrier with owned fleet ($18.4B revenue); captive capacity vs. Convoy's open marketplace connecting independent carriers.

FAQ

What does Convoy do? +

Convoy was a digital freight network that matched shippers with trucking carriers using AI and machine learning to optimize load assignments. The platform eliminated empty truck miles and reduced logistics costs by automating what traditionally required manual broker calls. The company shut down in November 2023, with assets acquired by Flexport.

How much does Convoy cost? +

Convoy charged a commission-based fee of 15-20% on freight transactions. Shippers posted loads, Convoy matched them with carriers, and retained the commission after payment settlement. Specific pricing varied per load based on route, capacity, and market conditions.

What are alternatives to Convoy? +

Uber Freight (largest digital freight marketplace by revenue), C.H. Robinson (traditional broker), J.B. Hunt (integrated carrier), CloudTrucks, and uShip are comparable options in the freight logistics space.

Who used Convoy? +

Enterprise shippers including Home Depot, Procter & Gamble, Unilever, Anheuser-Busch, Land O'Lakes, and Dollar Shave Club. The platform served any shipper moving regular freight who wanted to reduce costs and eliminate empty miles.

How did Convoy compare to Uber Freight? +

Uber Freight is larger by revenue ($2.1B in 2021 vs. Convoy's smaller base) but Convoy specialized in enterprise freight matching with 95% GPS tracking coverage. Uber Freight has broader appeal; Convoy focused on ML-optimized matching to reduce empty miles and improve carrier utilization for large shippers.