Convoy (company)

Last updated
Convoy
IndustryTrucking software
Founded2015
Founders
  • Dan Lewis
  • Grant Goodale
Defunct2023
FateOperations shut down
Headquarters Seattle, Washington
Website convoy.com

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]

Contents

History

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 for $16M and retained a small group of about fifty employees. [13] [14] Convoy's co-founder and CEO, Lewis, joined Flexport as part of the deal. [2] Dan Lewis subsequently left Flexport in late 2024 and joined Microsoft in early 2025 [15] .

Flexport relaunched the Convoy Platform in February 2024, focusing on providing software services to third party trucking brokers. [16] This was in contrast to the pre-Flexport business model wherein Convoy was primarily a trucking broker working directly with shippers.

In July 2025, DAT Solutions purchased the Convoy Platform from Flexport for $250M and hired most of the remaining Convoy Platform employees. [14]

References

  1. Bass, Dina (November 1, 2016). "Trucking Startup Convoy Inks Its Biggest Deal With Unilever". Bloomberg.com.
  2. 1 2 Soper, Taylor (2023-11-01). "Flexport buys Convoy's tech; Convoy CEO Dan Lewis, other employees to join freight company". GeekWire . Retrieved 2024-10-01.
  3. 1 2 Bek, Nate (2023-06-21). "Convoy co-founder Grant Goodale to step down from trucking marketplace startup after 8 years". GeekWire . Retrieved 2024-10-01.
  4. Calfas, Jennifer (July 25, 2017). "The Startup That Bill Gates and Jeff Bezos Are Both Invested In". Fortune.com.
  5. "In a first deal of its kind, Convoy lands $62 million led by YC's Continuity Fund". TechCrunch. Retrieved 2018-10-08.
  6. Konrad, Alex (July 25, 2017). "Called The 'Uber For Trucks,' Convoy Raises $62M To Fend Off Uber Itself". Forbes .
  7. Taylor, Soper (May 4, 2017). "Revealed: Winners of the 2017 GeekWire Awards". GeekWire.
  8. "On-demand trucking app Convoy raises $185M at $1B valuation". TechCrunch. Retrieved 2018-10-08.
  9. "Convoy raises $400 million to expand its on-demand trucking platform". TechCrunch. 13 November 2019. Retrieved 2019-12-08.
  10. Kingston, John (18 October 2023). "Convoy cancels all shipments, load board is empty, announcement upcoming". Frieghtwaves. Retrieved 18 October 2023.
  11. "Convoy collapse: Read CEO's memo detailing sudden shutdown of Seattle trucking startup". Geekwire. 19 October 2023. Retrieved 19 October 2023.
  12. de León, Riley (19 October 2023). "Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO's memo to employees". CNBC. Retrieved 19 October 2023.
  13. Bellan, Rebecca (2023-11-02). "Flexport acquires technology of former digital freight unicorn Convoy". TechCrunch. Retrieved 2024-02-27.
  14. 1 2 Kingston, John (2025-07-28). "Less than 2 years after Flexport bought Convoy's tech stack, it's being sold to DAT". FreightWaves. Retrieved 2025-08-03.
  15. Stiffler, Lisa (2025-02-12). "Convoy co-founder Dan Lewis joins Microsoft in exec role leading work on enterprise AI". GeekWire. Retrieved 2025-08-03.
  16. Mahoney, Noi (2024-02-22). "Flexport launches the Convoy Platform". FreightWaves. Retrieved 2025-08-03.