Technology-enabled trucking network Convoy announced Friday that it has secured $185 million in Series C funding, bringing the total capital raised to more than $265 million.
Convoy said it will use the funds to further accelerate product innovation to meet the scale and demand from shippers and carriers.
The financing was led by CapitalG, the growth equity investment fund of Google parent company Alphabet. As part of the new investment, David Lawee, a partner at CapitalG, will join the board of directors.
“Convoy has the potential to transform the trucking industry,” Lawee said. “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,” Lawee said.
New investors include funds and accounts advised by T. Rowe Price Associates and Lone Pine Capital. Existing investors Greylock Partners and Y Combinator also participated in this round.
Dan Lewis, co-founder and CEO of Convoy said, “Trucks run empty 40 percent 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. 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.”
Seattle-based Convoy said it offers reliable, guaranteed capacity for freight transportation.
“Unlike a broker, Convoy offers instant prices and full transparency through real-time GPS on all jobs,” the company said. “Convoy’s nationwide network of carriers use the free mobile app to receive personalized notifications of jobs, fleet management tools, no-hassle detention and payment within days of completing a job.”
Convoy said its other investors include Cascade Investment, the private investment vehicle of Bill Gates; Marc Benioff, CEO of Salesforce.com; Pierre Omidyar, founder of eBay; Jeff Bezos, CEO of Amazon; U2’s Bono and The Edge; media mogul Barry Diller; and former U.S. Sen. Ben Bradley.