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Truck drivers collectively cover more than 93 billion highway miles each year in the U.S., but up to 40% of those trips are made with empty trailers. This disconnect between shippers and truckers is what Convoy is solving. The Seattle-based company has developed an on-demand technology platform that allows trucking companies and shippers to connect via an app instead of relying on a broker, which utilizes email or phone calls.
They're going after a huge but fragmented market. According to the American Trucking Association, the U.S. trucking industry is worth $700 billion annually and is forecast to grow 3.4% in freight volume through 2023. But small firms — those with just three or four trucks — make up most of the market. Convoy is helping these truckers operate more efficiently and is giving its customers better tracking and pricing data.
So far, investors like what they see. In September, Convoy raised a whopping $185 million from CapitalG, the venture arm of Google parent company, Alphabet, bringing its total funding to $265 million. Other all-star backers include Bono, Bill Gates, Jeff Bezos, Salesforce.com CEO Mark Benioff and Expedia chairman Barry Diller. The company hasn't said much about an IPO but did hire a CFO last year.
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