Seattle-based Convoy raised a fresh round of investment capital from a long list of notable tech names that includes Microsoft's Bill Gates, the on-demand freight company said Tuesday.
The latest round is $62 million, and the company has now raised a total of $80.5 million over three rounds of financing.
Convoy said it plans to use this money to expand its on-demand shipping platform beyond the Seattle area where it has been refining it.
“Ask any shipper or truck driver about their business and they’ll point out a dozen things that could run better. Technology is changing this. Now people are excited about the possibilities for innovation,” Dan Lewis, Convoy's chief executive said in a statement. “Convoy’s mobile app and automated brokerage raise the bar for service reliability and reduce wasted miles—increasing revenue and improving operations for everyone involved.”
Perhaps just as notable as Convoy's ability to raise money is its ability to attract some of the biggest names in tech to plow money into truck technology.
The new investment round was led by Y Combinator’s Continuity Fund, the venture capital arm of the famed Silicon Valley startup incubator program.
“By improving trucking, Convoy is improving the foundation of our economy,” said Anu Hariharan, Partner, YC Continuity, in a statement. “This service allows shippers to transform their supply chains at the same time that it allows carriers to grow their businesses more quickly, on their own terms. In 10 years, we’ll be astonished that this was ever done another way.”
The roster of new investors also includes Cascade Investment, the private investment vehicle of Microsoft co-founder Bill Gates, Mosaic Ventures, former U.S. Senator Bill Bradley, and media mogul Barry Diller. Those names joined Convoy's other notable backers, including Greylock Partners, Salesforce Chief Executive Marc Benioff and Amazon founder Jeff Bezos via Bezos Expeditions.
The latest investment is an indication of how trucking tech is drawing a host of new investors who see an opportunity to disrupt the traditional shipping and logistics markets.