Technology enabled freight platform/brokerage Convoy announced it has secured $185 million in Series C financing led by CapitalG, the growth equity investment fund of Google parent company Alphabet. That more than doubles prior venture investments in the company, bringing Convoy’s total capital raised to more than $265 million. As part of the new investment, David Lawee from CapitalG will join the board of directors.
Earlier this year, Convoy introduced an auto-detention pay feature within its app for truckers.New investors in this Series C also include funds and accounts advised by T. Rowe Price Associates, Inc. and Lone Pine Capital. Existing investors, Greylock Partners and Y Combinator, also participated in this round.
Convoy will use the funds to further accelerate product innovation to meet the scale and demand from shippers and carriers.
“We believe Convoy will continue to leverage its technology and data capabilities to drive increased efficiency for the industry overall.” said Lawee said. “I’m thrilled to join Convoy’s board of directors and look forward to supporting their continued growth.”
