Convoy Raises $160M Series E Round
SEATTLE, WA, Convoy, the nation's leading digital freight network, raised $260 million in new funding, comprised of a $160 million Series E round.
Convoy, the nation's leading digital freight network, raised $260 million in new funding, comprised of a $160 million Series E preferred equity round led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, Inc., as well as a $100 million venture-debt investment from Hercules Capital, Inc. (NYSE: HTGC). The company also secured a new $150 million line of credit from J.P. Morgan. This new funding will enable Convoy to accelerate the development of its efficiency-focused technologies in response to surging customer demand within the nation's $800 billion trucking industry. With the most recent equity investment, Convoy is valued at $3.8 billion.
In addition to Baillie Gifford, the T. Rowe Price funds and several other existing shareholders who participated in the round, Park West and a number of other new investors joined the ranks of Convoy's world class investor base which includes Generation Investment Management, Fidelity, Durable Capital Partners, Capital G, Lone Pine Capital, Greylock Partners, Y Combinator, Bill Gates, Jeff Bezos, Salesforce CEO Marc Benioff, Code.org founders Hadi and Ali Partovi and U2's Bono and The Edge among others. J.P. Morgan acted as sole arranger on the line of credit and as sole placement agent on the Series E equity financing.
Convoy is the nation's leading digital freight network. Convoy moves thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for the planet. They use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 87 million metric tons of wasted CO2 emissions from empty trucks.
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