13 November 2019, India:
Digital freight network Convoy has raised $400 million in Series D round of funding. Generation Investment Management, a dedicated sustainability investment firm, and funds and accounts advised by T. Rowe Price Associates, Inc. (previous Convoy investor), co-led the funding round.
Baillie Gifford, Fidelity Management and Research Co., Durable Capital Partners LP, CapitalG and Lone Pine Capital also participated in the funding round.
The fresh capital will help the company to accelerate it’s effort to eliminate the inefficiencies that remain in the trucking industry, leading to lower costs and improved quality for shippers, increased earnings and respect for the millions of truck drivers on the road, and the elimination of excess pollution from miles driven without cargo, the company said in a statement.
Joy Tuffield, Partner at Generation Investment Management, said, “Generation’s investment in Convoy is grounded in many years of research into the future of logistics. Through its use of data science, Convoy is driving the next evolution in efficiency across the industry.”
Joy Tuffield, added, “This is an exceptional opportunity to achieve a reduction in carbon emissions, while simultaneously increasing earnings for truck drivers and increasing service quality for shippers.”
Dan Lewis, Convoy co-founder and CEO, Convoy, said, “We built this company from the beginning with a focus on creating a more efficient model for connecting shippers and truckers. Trucking has historically been a zero-sum game, born from a marketplace where when one side wins the other side loses.”
Dan Lewis, added, “The magic of applying technology to this decades-old industry is that we can create a true win-win for both sides, lowering the total cost to shippers with better service, while removing the hassle of wasted time and miles for truck drivers, allowing them to earn more. Building a more efficient digital freight network also means we can dramatically reduce carbon emissions associated with empty miles, which is good for the planet.”
Andy Butler, Associate Director – North America Market Operations Purchases, The Procter & Gamble Company, said, “Our partnership with Convoy has helped P&G reduce costs and improve service by looking at transportation differently. We value Convoy’s commitment to transparency, innovation, and sustainability, underpinned by a culture of operational excellence.”
(Image – Convoy)