How Much Did Convoy Raise? Headquarters, Funding & Key Investors

Convoy raised a total of $828 million across multiple rounds, beginning with a $2.5M seed round (2015), followed by major injections including $16M Series A, $62M Series B, $185M Series C, and a massive $400M Series D. Additional funding included a $160M Series E, $250M debt financing, $100M venture debt, a $15M venture round, and grants plus secondary transactions. Backed by CapitalG, T. Rowe Price, Baillie Gifford, Y Combinator, and JP Morgan, Convoy achieved a $3.8B valuation before being acquired. Its funding history positioned it among the most well-capitalized players in digital freight.

How Much Did Convoy Raise? Funding & Key Investors

Convoy operated as a digital freight network designed to streamline trucking logistics through technology-driven automation. The platform enabled shippers to instantly book freight, receive real-time tracking, automate payments, and optimize routes. Truckers used Convoy to access loads, bid on shipments, and manage operations through mobile tools.

Its software suite also supported transportation management, sustainability reporting, and facility insights.

What Is Convoy and What Does It Do?

Convoy, founded in 2015 by Dan Lewis and Grant Goodale, is headquartered in Seattle, United States. The company operated as a digital freight network connecting shippers and carriers through automated load matching, real-time tracking, and AI-driven routing optimization.

Convoy employs 909 people and focuses on reducing waste in the trucking ecosystem through optimized scheduling, environmentally conscious freight allocation, and seamless shipment execution.

Its platform featured instant quotes, automated booking, bidding systems, GPS visibility, facility reviews, and fuel card integrations, enabling efficient, transparent, tech-powered freight movement at a national scale.

How Much Funding Has Convoy Raised?

1. Seed Round

Amount Raised: $2.5M
Date: October 2015
Motivation: To launch the platform and build early freight-matching technology.

2. Series A

Amount Raised: $16M
Date: March 2016
Lead Investors: Greylock
Motivation: To expand hiring and strengthen infrastructure.

3. Series B

Amount Raised: $62M
Date: July 2017
Lead Investors: Y Combinator
Motivation: To add new automation features and increase market penetration.

4. Series C

Amount Raised: $185M
Date: September 2018
Lead Investors: CapitalG
Motivation: To scale load-matching algorithms and broaden the shipper base.

5. Series D

Amount Raised: $400M
Date: November 2019
Lead Investors: Generation Investment Management, T. Rowe Price
Motivation: To accelerate nationwide expansion and build sustainability initiatives.

6. Venture Round

Amount Raised: $15M
Date: July 2021
Motivation: To expand engineering and operational capacity.

7. Series E

Amount Raised: $160M
Date: April 2022
Lead Investors: Baillie Gifford, T. Rowe Price
Motivation: To grow Convoy’s drop-and-hook service and optimize routing and pricing models.

8. Debt Financing

Amount Raised: $250M
Date: April 2022
Lead Investors: JP Morgan
Motivation: To provide added financial flexibility and support scaling.

9. Venture Debt

Amount Raised: $100M
Date: March 2022
Motivation: To reinforce cash flow and support tech upgrades.

Total Funding Raised: $828 Million

Current Valuation: $3.8 Billion (as of April 2022)

Latest Funding Date: March 2022

Key Investors

1. JP Morgan

Details: Global financial services firm offering banking, investment, and asset management solutions.
Investment Focus Areas: Technology, healthcare, and financial services.
Notable Investments: Uber, Airbnb, WeWork.

2. Baillie Gifford

Details: Investment management firm known for long-term strategy and backing high-growth companies.
Investment Focus Areas: Technology, consumer, and healthcare.
Notable Investments: Tesla, Amazon, Spotify.

3. T. Rowe Price

Details: Global investment manager focusing on long-term equity and growth opportunities.
Investment Focus Areas: Technology, finance, and consumer.
Notable Investments: Facebook, Google, Amazon.

4. Generation Investment Management

Details: Sustainability-focused investment firm co-founded by Al Gore.
Investment Focus Areas: Environmental and socially responsible tech.
Notable Investments: Asana, DocuSign, Toast.

5. CapitalG (Alphabet)

Details: Growth equity arm of Alphabet investing in high-scale technology companies.
Investment Focus Areas: Technology and digital infrastructure.
Notable Investments: Lyft, Stripe, Airbnb.

Where Is Convoy’s Headquarters?

Convoy was headquartered in Seattle, Washington, a major U.S. logistics and technology hub offering deep engineering talent and strategic proximity to shipping corridors, making it an ideal location for scaling a digital freight platform.

What’s Next for Convoy?

After its acquisition, Convoy’s technology, data systems, and carrier network are expected to be integrated into broader logistics solutions. The company’s predictive routing, automated freight-matching engine, and sustainability initiatives remain highly relevant to the market. Its legacy may continue through partnerships or platform absorption by larger freight operators, reinforcing Convoy’s long-term influence on modern freight automation.

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