Convoy was an American

trucking Road transport or road transportation is a type of transport using roads. Transport on roads can be roughly grouped into the transportation of goods and transportation of people. In many countries licensing requirements and safety regulations ...

software Software consists of computer programs that instruct the Execution (computing), execution of a computer. Software also includes design documents and specifications. The history of software is closely tied to the development of digital comput ...

company co-founded by

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

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 Flexport Inc. is an American multinational corporation that focuses on supply chain management and logistics, including order management, delivery, trade financing, insurance, freight forwarding, and customs brokerage. The company is headquarte ...

History

Former

Amazon Amazon most often refers to: * Amazon River, in South America * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon (company), an American multinational technology company * Amazons, a tribe of female warriors in Greek myth ...

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 Y Combinator, LLC (YC) is an American technology startup accelerator and venture capital firm launched in March 2005 which has been used to launch more than 5,000 companies. The accelerator program started in Boston and Mountain View, Californi ...

's Continuity Fund. Other new investors included

Cascade Investment Cascade Investment, L.L.C. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. It is controlled by Bill Gates, and managed by Michael Larson. More than half of Gates's fortune is held ...

CEO

Bill Gates William Henry Gates III (born October 28, 1955) is an American businessman and philanthropist. A pioneer of the microcomputer revolution of the 1970s and 1980s, he co-founded the software company Microsoft in 1975 with his childhood friend ...

, Mosaic Ventures, former U.S. Senator

Bill Bradley William Warren Bradley (born July 28, 1943) is an American politician and former professional basketball player. A member of the Democratic Party (United States), Democratic Party, he was a United States Senate, United States senator from New ...

, and

Barry Diller Barry Charles Diller (born February 2, 1942) is an American billionaire businessman. He is chairman and senior executive of IAC and Expedia Group and founded the Fox Broadcasting Company with Rupert Murdoch and USA Broadcasting. Diller was ind ...

. This round of funding brought Convoy's total amount raised to $80 million. They joined existing Convoy investors

Greylock Partners Greylock Partners is one of the oldest venture capital firms, founded in 1965, with committed capital of over $3.5 billion under management. The firm focuses on early-stage companies in consumer and enterprise software. History Greylock wa ...

(the VC fund of

LinkedIn LinkedIn () is an American business and employment-oriented Social networking service, social network. It was launched on May 5, 2003 by Reid Hoffman and Eric Ly. Since December 2016, LinkedIn has been a wholly owned subsidiary of Microsoft. ...

co-founder

Reid Hoffman Reid Garrett Hoffman (born August 5, 1967) is an American internet entrepreneur, venture capitalist, podcaster, and author. Hoffman is the co-founder and former executive chairman of LinkedIn, a business-oriented social network used primarily ...

Salesforce Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides applications focused on sales, customer service, marketing automation, e-commerce, analytics, artificial intelligence, and ap ...

CEO

Marc Benioff Marc Russell Benioff (born September 25, 1964) is an American internet entrepreneur and philanthropist. Benioff is best known as the co-founder, chairman and CEO of the software company Salesforce, as well as being the owner of ''Time (magazine ...

founder

Jeff Bezos Jeffrey Preston Bezos ( ;; and Robinson (2010), p. 7. ; born January 12, 1964) is an American businessman best known as the founder, executive chairman, and former president and CEO of Amazon, the world's largest e-commerce and clou ...

via

Bezos Expeditions Bezos Expeditions is an American investment firm based in Mercer Island, Washington. It serves as a family office for Amazon.com founder Jeff Bezos by managing his personal investments. The firm invests both in early and late stage ventures of ...

, former Starbucks President Howard Behar, Code.org founders

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and

Ali Partovi Ali Partovi (; born 1972) is an Iranian-American entrepreneur and angel investor. He is best known as a co-founder of Code.org (which he founded with his twin brother Hadi), iLike, LinkExchange, an early advisor at Dropbox (service), Dropbox, and ...

, and the founders & CEOs of

eBay eBay Inc. ( , often stylized as ebay) is an American multinational e-commerce company based in San Jose, California, that allows users to buy or view items via retail sales through online marketplaces and websites in 190 markets worldwide. ...

Instagram Instagram is an American photo sharing, photo and Short-form content, short-form video sharing social networking service owned by Meta Platforms. It allows users to upload media that can be edited with Social media camera filter, filters, be ...

KKR KKR may refer to: * KKR & Co., a global investment firm *Kolkata Knight Riders, an Indian Premier League franchise * Rheinsberg Nuclear Power Plant (), first nuclear power plant in the former East Germany * Kalkara, Malta, postal code KKR *Kir-Bala ...

, and

Dropbox Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and Client (computing), client software. Dropbox w ...

, among others. Convoy was awarded

GeekWire GeekWire is an American technology news website that covers startups and established technology companies. The site launched in March 2011 and is based in Seattle. It was founded by journalists Todd Bishop and John Cook with investment from Jo ...

's 2017 ''Startup of the Year''. In 2018, Convoy raised $185 million led by

CapitalG CapitalG Management Company LLC (file no. 5324444) (formerly Google Capital) is the independent growth fund under Alphabet Inc. Founded in 2013, it focuses on larger, Growth capital, growth-stage technology companies, and invests for profit rat ...

at a $1 billion valuation. In 2019, Convoy raised $400 million, led by

Generation Investment Management Generation Investment Management (Generation IM) is a sustainable investment management firm founded in 2004; its co-founders included former US Vice President Al Gore and former Goldman Sachs' Asset Management head David Blood, along with five ...

and

T. Rowe Price T. Rowe Price Group, Inc. is an American publicly owned global investment management firm that offers funds, subadvisory services, separate account management, and retirement plans and services for individuals, institutions, and financial inte ...

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

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

External links

* {{US-internet-company-stub Defunct companies based in Seattle Privately held companies of the United States Software companies established in 2015 Software companies of the United States