Convoy, an early pioneer in the “Uber for Freight” sector, have fallen victim to the downturn in the freight industry and inability to find a potential buyer.
The company abruptly announced closure of it core digital freight brokerage business leaving the shippers, carriers, and employees in a shock.
Founded in Seattle in 2015, Convoy initially positioned itself as an “on-demand trucking” firm and secured $2.5 million in seed funding, counting Amazon founder Jeff Bezos and other prominent investors among its backers. The company’s mission was to revolutionize the trucking sector and eliminate inefficiencies. By April 2022, Convoy had garnered an estimated valuation of $3.8 billion and raised $925 million in funding. Unfortunately, the company was running perilously low on funds, with its financial runway shrinking rapidly.