A young company using tech to shake up the trucking industry has raised $60 million of new investment.
Convoy’s app connects shippers to empty trucks using mobile technology and algorithms. The Seattle startup gives truckers access to a digital network of potential contracts, reducing paperwork and slashing overheads.
“Ask any shipper or truck driver about their business and they’ll point out a dozen things that could run better. Technology is changing this. Now people are excited about the possibilities for innovation. Convoy’s mobile app and automated brokerage raise the bar for service reliability and reduce wasted miles—increasing revenue and improving operations for everyone involved,” said Convoy CEO, Dan Lewis.
The ‘private investment vehicle’ of Bill Gates – Mosaic Ventures – is one of the investors.
“We are excited to announce our investment in Convoy, a logistics and trucking platform that increases efficiency, transparency, and flexibility for the entire trucking ecosystem. Convoy delivers high quality trucking services by matching loads to the thousands of small trucking companies that are part of its expanding, technology-connected network. It also provides upfront, guaranteed pricing for both parties and allows shippers to track their shipments in real time,” a Mosaic Ventures blog says.