To accelerate product innovation, trucking network Convoy has secured $185 million in Series C financing. The round was led by Alphabet’s growth equity fund CapitalG, the company said in an announcement.
“Convoy has the potential to transform the trucking industry,” said CapitalG Partner David Lawee, who is joining the board of directors as part of the investment. “The team has built a leading tech-enabled marketplace that provides shippers with a more efficient freight solution and truck drivers with increased access to work. We believe Convoy will continue to leverage its technology and data capabilities to drive increased efficiency for the industry overall.”
The company reported that accounts and funds advised by Lone Pine Capital and T. Rowe Price Associates are among new investors. In addition, the company reported that existing investors participated in the Series C round. Overall, the latest round brings the company’s total capital raised to $265 million.
The news comes as Uber Freight is expanding its services, announcing in a blog post in mid-August that it is rolling out a platform to enable shippers to tap into the company’s network and manage shipments from a personal computer. In the post, Uber Freight said the platform gives shippers of all sizes a direct connection to its carrier network, enabling them to see instant upfront load pricing, tender a load with a few clicks and track shipments from start to finish. What’s more, Uber Freight said the platform was developed in close collaboration with shippers to help them reduce the time it would take to complete the process.
“At Uber Freight, we want to reshape the trucking industry by helping carriers and shippers succeed at all levels. Companies like American Tile & Stone and Premier Packaging have already begun using Uber Freight to improve their shipping operations, and we’re excited to now roll out the platform widely to our freight community,” the company wrote in the blog post.