Digital Freight Startup Convoy Reaches 1 Billion USD Valuation With 185 Million USD Investment

Digital freight startup Convoy has raised $185M in an investment round led by the investment arm of Alphabet Inc. , Google ‘s parent company. Google has given a big boost to the company, which is competing in an increasingly crowded space to reshape its logistics operations in the US.

With this investment round led by CapitalG , Alphabet ‘s investment arm, one of the largest investments by technology-oriented freight transportation startups, Convoy increased its total investment amount to 265 million USD. Dan Lewis , chairman of the board of Convoy , announced that the valuation of the company exceeded 1 Billion USD.

Seattle-based Convoy aims to adapt Uber ‘s technology-based innovations for on-demand passenger transportation to the logistics industry, like all other digital freight startups. These companies include Uber Freight, a branch of Uber , Transfix, Cargomatic Inc. and there are many technology-oriented companies such as Trucker Path .

Source: WSJ