Scoop: Trucking startup Convoy is raising up to $198M

September 19, 2018 View comment (1)

This story has been updated as of September 21

Convoy has authorized the sale of up to $198 million in new shares, PitchBook has learned.

On Friday, Convoy confirmed it has raised $185 million in a round led by CapitalG, the growth equity arm of Google parent Alphabet. David Lawee of CapitalG is joining the company's board of directors. 

With the funding, the company is valued at nearly $1.1 billion. For the Seattle-based startup, that's a big jump from the $362.5 million valuation it reached in July 2017 with a $62.5 million funding round. In 2015, the year Convoy was founded, the company brought in $18.5 million at a valuation of $58.5 million.

Offering a platform with on-demand fleet management tools for trucking companies, Convoy's technology matches trucks with businesses that need to ship freight. According to the company's website, 40% of trucks that travel across the country are empty. Convoy's goal is to fill up those vehicles with goods from businesses that use its app.

Existing investors in Convoy include Y Combinator, Bezos Expeditions, Greylock Partners and Mosaic Ventures. Salesforce CEO Marc Benioff, Dropbox founder Drew Houston and U2's Bono and The Edge have also backed the company, among others.

Related content