“Transporting the world with endless capacity and zero waste”

Founded: 2015 in Seattle, USA

Category: Supply chain & logistics

Primary office: Seattle, WA (USA)

Core technical team: Seattle, USA

Status: Private

Employees: 800 (est.)

Amount raised: $665.5 million (7 rounds – November 2019)

OVERVIEW

  • Provides a trucking software/online haulage brokering platform that connects truck owners and trucking companies (haulers) directly with shippers enabling them to locate, bid for and accept loads
  • Provides free rental trailers while offering 24/7 load and reload options
  • Automated reload feature enabling truck owners to accept multiple loads at the same time. This provides flexibility to hauler’s schedules, reducing empty miles, keep empty trailers off the road and reduce carbon emissions considerably

 

PERFORMANCE METRICS

  • Valuation – $2.75 billion (2019)
  • Revenue – $300 million est. (2019)

 

ACHIEVEMENTS

  • High profile Venture capital-backing including; Y-Combinator, Amazon CEO – Jeff Bezos, LinkedIn Founder, etc.
  • CNBC Disruptor – 50 recipient (2019)
  • One of the largest online freight ecosystems

Sells

  • Digital Freight Network Brokerage service
  • “Convoy Now” API integration with Fleet management systems – providing instant access to pricing and matching options
  • Real-time Data Insights
  • Platform that connects shippers to carriers

Channels

  • Online and Mobile user-friendly Interface both for shippers and haulers
  • API Integration
  • Convoy innovation lab – connects shippers with Convoy’s engineers, data scientists and product designers to help resolve freight related challenges

Competencies

  • Founder-led Management team – extensive knowledge in logistics
  • Machine learning and artificial intelligence
  • Partnership with Transport Management Systems (TMS) Providers – Mercury Gate, Blu Jay, Oracle TMS

Resources

Assets

  • Completely automated load matching and pricing brokerage capacity
  • Large network of shippers and haulers/trucking companies
  • Easy payment integration through Convoy QuickPay making funds available to haulers as fast as possible
  • Seamless integration with most Transport Management Systems (TMS) used by shippers
  • Convoy Connect – Free customized TMS system for shippers with no existing TMS

Priorities

  • User-friendly multi-channel platforms – available on Desktop, Online & Mobile
  • 24/7 Bilingual support service
  • GPS tracking available for all carriers
  • Algorithms (machine learning, artificial intelligence) to enhance efficiencies for shippers and haulers – e.g., reduced empty trucks, reduced gas usage, reduced costs

Priorities

  • Expand market reach
  • Increase highway routes
  • Increase network size

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
  2. Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale.
  3. Increase market share by selling products and services that the target market perceives to be better than available alternatives
  4. Increase demand of products and services by combining two or more resources in a way that the value created from them exceeds the sum of the value created from each resource separately
  5. Increase value by being responsible and accountable for creating and making visible the quantifiable benefits the company delivers its stakeholders, including customers, partners, investors, members of the company’s value chain, society, and others
  6. Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
  7. Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace
  8. Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process to increase sales

References

Convoy website. https://convoy.com/

Crunchbase. 2019. Convoy. https://www.crunchbase.com/organization/convoy-3#section-funding-rounds

Pitchbook. 2019. https://pitchbook.com/newsletter/convoy-valued-at-27b-with-mega-round

Owler. 2019. Convoy. https://www.owler.com/company/convoy

Korosec, K. 2019. Convoy raises $400million to expand its on-demand trucking platform. [online]. Tech Crunch. https://techcrunch.com/2019/11/13/convoy-raises-400-million-to-expand-its-on-demand-trucking-platform/


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen