American trucking software company
Convoy was an American trucking software company co-founded by CEO Dan Lewis and CTO Grant Goodale. The company was shut down in November 2023, while its assets and some of the employees were acquired by Flexport.
History.
Former Amazon employees Dan Lewis and Grant Goodale co-founded Convoy in 2015.
On 25 July 2017, the company raised $62 million in Series B funding, led by Y Combinator's Continuity Fund. Other new investors included Cascade Investment CEO Bill Gates, Mosaic Ventures, former U.S. Senator Bill Bradley, and Barry Diller. This round of funding brought Convoy's total amount raised to $80 million.
They joined existing Convoy investors Greylock Partners (the VC fund of LinkedIn co-founder Reid Hoffman), Salesforce CEO Marc Benioff, Amazon founder Jeff Bezos via Bezos Expeditions, former Starbucks President Howard Behar, Code.org founders Hadi and Ali Partovi, and the founders &amp; CEOs of eBay, Instagram, KKR, and Dropbox, among others.
Convoy was awarded GeekWire's 2017 "Startup of the Year".
In 2018, Convoy raised $185 million led by CapitalG at a $1 billion valuation.
In 2019, Convoy raised $400 million, led by Generation Investment Management and T. Rowe Price at a $2.75 billion valuation.
In June 2023, Convoy's co-founder and chief experience officer, Goodale, left the company.
On 18th October 2023, Convoy canceled all shipments amidst rumors of an upcoming transition.
On 19th October 2023, Convoy ceased operations and laid off remaining staff. Remaining staff were given no severance and were told their stock options were worthless. In a memo sent that day to employees, Lewis points to "a massive freight recession and a contraction in the capital markets" as major factors resulting in the company's failure. On 1st November 2023, supply chain company Flexport acquired Convoy's assets and retained a small group of employees for an undisclosed sum. Convoy's co-founder and CEO, Lewis, joined Flexport as part of the deal.
References.
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