The funds will help the Seattle-based company build out its service as inflation and higher fuel prices push shippers and freight brokers to find more efficient ways to move goods.
Convoy, a digital platform to make trucking more efficient, said it’s raised an additional $260 million to build out its service as inflation and higher fuel prices push shippers and freight brokers to find more efficient ways to move goods.
The new money “allows us to just continue to fund the building out of the technology platform, launching of new products,” Mark Okerstrom, Convoy’s president and COO, tells. These include recent offerings such as “Convoy for Brokers where we've opened up essentially access to our capacity platform, access to the 400,000 trucks, to traditional brokers.”
Convoy’s platform, accessible via a smartphone app, uses machine learning to match carriers to loads and prevent trucks from driving “empty miles” with no loads. It currently has 400,000 trucks in its network.
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