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“Transporting the world with endless capacity and zero waste” |
Founded: 2015 in Seattle, USA
Category: Supply chain & logistics Primary office: Seattle, WA (USA) Core technical team: Seattle, USA Status: Private Employees: 800 (est.) Amount raised: $665.5 million (7 rounds – November 2019) |
OVERVIEW
PERFORMANCE METRICS
ACHIEVEMENTS
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Sells
- Digital Freight Network Brokerage service
- “Convoy Now” API integration with Fleet management systems – providing instant access to pricing and matching options
- Real-time Data Insights
- Platform that connects shippers to carriers
Channels
- Online and Mobile user-friendly Interface both for shippers and haulers
- API Integration
- Convoy innovation lab – connects shippers with Convoy’s engineers, data scientists and product designers to help resolve freight related challenges
Competencies
- Founder-led Management team – extensive knowledge in logistics
- Machine learning and artificial intelligence
- Partnership with Transport Management Systems (TMS) Providers – Mercury Gate, Blu Jay, Oracle TMS
Resources
Assets
- Completely automated load matching and pricing brokerage capacity
- Large network of shippers and haulers/trucking companies
- Easy payment integration through Convoy QuickPay making funds available to haulers as fast as possible
- Seamless integration with most Transport Management Systems (TMS) used by shippers
- Convoy Connect – Free customized TMS system for shippers with no existing TMS
Priorities
- User-friendly multi-channel platforms – available on Desktop, Online & Mobile
- 24/7 Bilingual support service
- GPS tracking available for all carriers
- Algorithms (machine learning, artificial intelligence) to enhance efficiencies for shippers and haulers – e.g., reduced empty trucks, reduced gas usage, reduced costs
Priorities
- Expand market reach
- Increase highway routes
- Increase network size
Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely
- Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
- Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale.
- Increase market share by selling products and services that the target market perceives to be better than available alternatives
- Increase demand of products and services by combining two or more resources in a way that the value created from them exceeds the sum of the value created from each resource separately
- Increase value by being responsible and accountable for creating and making visible the quantifiable benefits the company delivers its stakeholders, including customers, partners, investors, members of the company’s value chain, society, and others
- Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
- Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace
- Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process to increase sales
References
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Convoy website. https://convoy.com/
- Crunchbase. 2019. Convoy. https://www.crunchbase.com/organization/convoy-3#section-funding-rounds
- Pitchbook. 2019. https://pitchbook.com/newsletter/convoy-valued-at-27b-with-mega-round
- Owler. 2019. Convoy. https://www.owler.com/company/convoy
- Korosec, K. 2019. Convoy raises $400million to expand its on-demand trucking platform. [online]. Tech Crunch. https://techcrunch.com/2019/11/13/convoy-raises-400-million-to-expand-its-on-demand-trucking-platform/
Contributors
- Yinka Olanrewaju-Olawepo
- Dan Craigen