CapitalG, the growth equity arm of internet and technology group Alphabet, has led a $185m series C round for US-based trucking services provider Convoy.
The round included investment management firm Lone Pine Capital, funds and accounts advised by fellow investment manager T. Rowe Price and undisclosed existing investors. It valued Convoy at $1bn, the company told GeekWire.
Convoy runs an online platform that links truckers with clients requiring goods to be shipped, using technology to optimise routes and distribution. It offers GPS tracking for shippers, while truckers signed up to the service are notified through an app when jobs are available.
The round increased Convoy’s funding to $265m altogether, it said. Venture capital firm Greylock Partners led its $16m series A round in March 2016, participating alongside assorted angel investors and existing backers.
The company added $62m in a July 2017 series B round led by Y Combinator’s Continuity Fund that included Greylock, Cascade Investment, Mosaic Ventures, Bezos Expeditions and various angel investors.
Allen & Company, Fuel Capital, Red Sea Ventures and Omidyar Technology Ventures are also investors in Convoy, it said late last week.
David Lawee, a general partner at CapitalG, will join Convoy’s board of directors in conjunction with the round. The proceeds will support product development and the creation of new features for the platform.
Lawee said: “Convoy has the potential to transform the trucking industry. The team has built a leading tech-enabled marketplace that provides shippers with a more efficient freight solution and truck drivers with increased access to work.
“We believe Convoy will continue to leverage its technology and data capabilities to drive increased efficiency for the industry overall. I am thrilled to join Convoy’s board of directors and look forward to supporting their continued growth.”