Convoy, a Seattle, WA-based nationwide digital freight network, raised $400m in Series D funding.
The round, which brought total capital raised to more than $668m, was co-led by Generation Investment Management and funds and accounts advised by T. Rowe Price Associates, Inc., with participation from Baillie Gifford, Fidelity Management and Research Co., Durable Capital Partners LP and Series C investors CapitalG and Lone Pine Capital.
The company intends to use the funds to expand nationwide.
Led by Dan Lewis, co-founder and CEO, Convoy which leverages technology and data provides a digital freight network that connects shippers to carriers to move millions of truckloads and eliminate carbon waste.
The solution automates pricing and matching of shipments to carriers and leverages machine learning to evaluate all shipments and carriers simultaneously to match the right job to the right truck.
Convoy is used by large shippers including Anheuser-Busch, The Procter & Gamble Company, Wayfair, CHEP, Land O’ Lakes, Niagara, Ardagh, Waiākea, and Unilever.