US-based trucking services provider Convoy collected $400m in a series D round yesterday that featured CapitalG, the growth equity arm of technology and internet conglomerate Alphabet.
Investment firm Generation Investment Management co-led the round together with funds and accounts advised by asset management company T. Rowe Price Associates, while financial services group Fidelity also took part.
Baillie Gifford, Durable Capital Partners LP and Lone Pine Capital filled out the round.
Convoy operates a freight platform that automatically connects shippers to the most suitable carriers, using data science and machine learning technology to optimise routes and distribution in an effort to reduce costs and carbon emissions.
Convoy will use the series D funding to accelerate its business growth.
The company has now raised more than $668m in capital altogether. CapitalG led a $185m series C round in September 2018 that included Lone Pine Capital, funds and accounts advised by T. Rowe Price and unspecified existing investors.
Convoy’s shareholders also include Greylock Partners, Y Combinator, Cascade Investment, Mosaic Ventures, Bezos Expeditions, Red Sea Ventures, Allen & Company, Fuel Capital, Omidyar Technology Ventures and more than a dozen angel investors.
