Convoy raises $400 million to expand its on-demand trucking platform

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Convoy, the digital freight network that connects truckers with shippers, has raised $400 million in a Series D funding round as it aims to scale its business amid an increasingly competitive market.

The funding round brings Convoy’s post-money valuation to $2.75 billion.

The round was co-led by Generation Investment Management and previous Convoy investor T. Rowe Price Associates. Asset management firm Baillie Gifford, which has fondness for pre-IPO tech companies, Fidelity and Durable Capital Partners, as well as Series C investors CapitalG and Lone Pine Capital, also participated in the round.

Convoy has managed to attract a slew of high-profile investors — and their capital — such as Jeff Bezos, Salesforce CEO Marc Benioff and even U2’s Bono and the Edge. In the four years since its founding, Convoy has raised a total of more than $668 million. Early investors include Greylock Partners, Y Combinator, Cascade Investment (the private investment vehicle of Bill Gates) and Code.org founders Hadi and Ali Partovi.

And that money has been put to work. Convoy co-founders Dan Lewis and Grant Goodale set out in 2015 to modernize freight brokerage, a fragmented and oftentimes analog business that matches loads from shippers with truckers.

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