• Convoy, a digital freight matching platform, has raised USD 260 million consisting of a USD 160 million Series E preferred equity round led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, and a USD 100 million venture-debt investment from Hercules Capital. The company also secured a USD 150 million credit line from J.P. Morgan.

• The round values the company at USD 3.8 billion (vs. USD 2.75 million in November 2019) and brings its total funds raised to USD 1.1 billion.

• The company intends to use the funds to fast-track the development of new efficient technologies for the sector. 

<ul><li> Analyst QuickTake: With today’s funding, Convoy becomes the highest funded company under the online freight platforms segment startups within our converge, followed by project44 with USD 818 million in funding. It is noteworthy how online freight platforms—companies with small and large-scale operations alike—are gaining momentum among the investor community. Such recent smaller-scale funding rounds include SmartHop, InstaFreight, Haul, Leaf Logistics, Parade, and Onward Delivery , while startups Loadsmart (raised USD 200 million), project44 (USD 420 million), Cloud Trucks (USD 115 million), and Flock Freight (USD 215 million) as well as incumbent Uber Freight (USD 500 million) bagged dollars in mega-rounds.</ul>