Digital freight-booking startup Convoy raised $185 million in a funding round led by an investment arm of Google parent companyAlphabet Inc., GOOGL -1.63% adding big new backing for the company competing in an increasingly crowded field trying to reshape U.S. shipping operations.
The funding round led by Alphabet’s CapitalG, one of the biggest investments yet in a lineup of technology-driven freight startups, brings Convoy’s total raised to $265 million, and Chief Executive Dan Lewis said it gives the business a total value of over $1 billion.
Seattle-based Convoy is one of a stream of operators trying to bring to the freight world what Uber Technologies Inc. built in the on-demand passenger industry. Those companies include Uber itself with its Uber Freight business, and other technology-focused businesses like Transfix, Cargomatic Inc. and Trucker Path.
Source: https://www.wsj.com/articles/digital-freight-startup-convoy-raises-185-million-surpasses-1-billion-in-value-1537524002
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