Convoy

Convoy was a digital freight network that connected shippers with carriers through an innovative technology platform. The company developed an Uber-like system that matched truckers with shippers, aiming to reduce costs and increase utilization compared to traditional brokerages. Convoy's platform used machine learning software to automate dispatch for carriers and create more efficient and lucrative routes. The company offered various services, including a drop-and-hook service that allowed shippers to pre-load Convoy trailers for flexible pickup windows. Convoy's technology also enabled other brokers to run their businesses on its platform, providing access to trucks running on Convoy's digital network. In April 2022, Convoy raised USD 260 million in funding, bringing its valuation to USD 3.8 billion. The company was on track to earn more than USD 1 billion in revenue in 2022. However, due to a combination of a freight market recession and capital market contraction, Convoy ceased operations in October 2023. Following the shutdown, Flexport acquired Convoy's technology platform, which is now owned and operated by Flexport Freight Tech LLC and remains accessible to carriers via the Convoy app.

Key customers and partnerships

Convoy's digital freight network served a wide range of customers across various industries. The company's platform connected shippers with a network of over 30,000 trucks, providing services for local, regional, and long-haul full truckload (FTL) freight across dry van and reefer trailer types. Convoy's technology-driven approach attracted both shippers and carriers looking to modernize their operations in the freight industry. The company's innovative solutions, such as the drop-and-hook service and the ability for other brokers to use Convoy's platform, indicated a focus on fostering partnerships within the trucking ecosystem to drive efficiency and growth.