 | |
| Industry | Trucking software |
|---|---|
| Founded | 2015 |
| Founders |
|
| Defunct | 2023 |
| Fate | Operations shut down |
| Headquarters | Seattle, Washington |
| Website | convoy |
Convoy was an American trucking software company co-founded by CEO Dan Lewis and CTO Grant Goodale. [1] The company was shut down in November 2023, while its assets and some of the employees were acquired by Flexport. [2]
Former Amazon employees Dan Lewis and Grant Goodale co-founded Convoy in 2015. [3]
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, [4] Mosaic Ventures, former U.S. Senator Bill Bradley, and Barry Diller. This round of funding brought Convoy's total amount raised to $80 million. [5]
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 & CEOs of eBay, Instagram, KKR, and Dropbox, among others. [6]
Convoy was awarded GeekWire's 2017 Startup of the Year. [7]
In 2018, Convoy raised $185 million led by CapitalG at a $1 billion valuation. [8]
In 2019, Convoy raised $400 million, led by Generation Investment Management and T. Rowe Price at a $2.75 billion valuation. [9]
In June 2023, Convoy's co-founder and chief experience officer, Goodale, left the company. [3]
On 18th October 2023, Convoy canceled all shipments amidst rumors of an upcoming transition. [10]
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. [11] 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. [12] On 1st November 2023, supply chain company Flexport acquired Convoy's assets and retained a small group of employees for an undisclosed sum. [13] Convoy's co-founder and CEO, Lewis, joined Flexport as part of the deal. [2]
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