Convoy, an on-demand shipping network founded in 2015, recently raised $400 million in a Series D funding round, bringing their valuation to $2.75 billion. This round included T. Rowe Price, Baillie Gifford, Fidelity, and others.
Convoy connects truckers and shippers to better match loads - in essence to more efficiently utilize space - and now has tens of thousands of loads per week. Matching of truckers and shippers is done via their platform, letting people book and schedule freight shipments from their phone, without ever calling anyone.
Convoy has two issued patents and other applications. As they scale, they may need to either increase R&D and filings or look to acquire other companies for their IP, as competitors such as Uber (Uber Freight) and Cargometrics are much more established in this IP space.
