The startup Convoy, which competes with Uber, has today announced that it has raised 185 million dollars in an investment round. One of the main investors is Google’s parent company Alphabet, which invests millions in the company through the CapitalG investment fund.
In addition, T. Rowe Price Associates and hedge fund Lone Pine Capital also invest money in the startup. Earlier, funds had been raised from Bill Gates Cascade Investment, Jeff Bezos Bezos Expeditions and Salesforce-CEO Marc Benioff. With the investment of millions, the company can continue to roll out its product.
Convoy offers companies a mobile app. This connects sellers of physical goods with trucking companies that are prepared to transport them. The startup promises to handle this process more efficiently than traditional intermediate companies, which do a lot of the work by hand.
Once a delivery is on the road, companies can monitor their goods through a dashboard that displays the location of the booked trucks in real time. Convoy displays that data directly alongside other things, so suppliers need to find the most optimal route and the quickest way to get the goods delivered.
For freight transporters, the app is a promising one. It also provides an overview of all possible contracts, which can be filtered according to the type of product to be transported and the route they have to travel. In order to be able to sort contracts on that basis, the carriers can make the most effective use of all the lorries they have on the road.
For example, a trucker who has just returned from one delivery and is in the vicinity of another could pick it up. For example, there is no need to drive an empty truck and better use is made of the available material.
Enlargement in the US
The money raised through this investment round will be spent on expanding the app to more locations in the United States. In addition, it is intended that more functions will be built with these resources. For example, it would like the data on deliveries to be expanded. It should also be possible for hauliers to accept several deliveries at the same time.
Thanks to this investment round, the total amount raised by Convoy is now 265 million dollars. That makes it worth $1 billion.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.