We are at an opportunistic moment in freight. Today, smartphones are in the vast majority of trucks, automation and machine learning capabilities are being deployed at scale, and companies of every size are trying to optimize supply chains to improve their bottom lines and reduce their carbon footprints. Even so, the global freight industry continues to be rife with inefficiencies born from decades of fragmentation and antiquated operations, which result in hundreds of billions of dollars of waste per year. This unique mix has created an ideal moment to transform the business of moving freight.
In 2015, Convoy started a movement in efficient freight. Our mission – to transport the world with endless capacity and zero waste – underpins everything we do and represents the types of evergreen problems we love to solve. We believe this mission is worth chasing as it will have a lasting impact on thousands of shippers, millions of truck drivers, and our planet.
Today, we use technology and data to optimize how thousands of truckloads move around the country each day via our Digital Freight Network. We’re committed to reducing waste for shippers and carriers and driving down inefficiency in the $800B trucking industry, which generates over 72M metric tons of wasted CO2 emissions per year from empty trucks.
We have been humbled and inspired by the investors who share our vision, and today we are excited to announce that we’re accelerating our work with $400 million in funding co-lead by Generation Investment Management and T. Rowe Price Associates. We are excited to welcome Generation Investment Management to Convoy and thrilled to see T. Rowe Price Associates investing again in this bright future.
“Generation’s investment in Convoy is rooted in many years of deep research into the future of logistics. We are seeing Convoy drive the next evolution in efficiency across the industry, through its use of sophisticated data science techniques to continuously optimize its growing network of carriers. This is a true win-win opportunity for the industry – driving a reduction in carbon emissions, while simultaneously increasing take-home pay for carriers and service quality for shippers.”Joy Tuffield, Partner in Generation’s Growth Equity team
This is a significant moment in time for Convoy and the industry, and our efforts represent a very real win-win-win opportunity. Today our digital freight network is lowering the cost for shippers to move their freight, improving the lives of truck drivers by helping them earn more with less hassle, and helping create a sustainable future for all of us through the reduction of carbon emissions.
I’m proud of our progress and inspired that after just four years of operations leading shippers, quality carriers, and industrious owner-operators around the nation are betting on Convoy by plugging into our digital freight network. We are excited to serve them today and to be their partner in innovation for years to come.
For carriers and drivers, Convoy is methodically chipping away at the daily hassles that make these jobs hard and empowering truckers to earn more with innovations like free Convoy QuickPay™, one-click automatic detention requests, and instant bidding. And for our planet – the most significant stakeholder – Convoy’s Automated Reloads program is already reducing miles driven without cargo from the industry standard of 35% to 19% by bundling shipments into a single job for a driver. If the industry as a whole is able to achieve the same efficiency improvements that Convoy has seen on our bundled shipments, it would reduce CO2 emissions by 32 million metric tons, which is the same as taking 7.2 million passenger vehicles off the roads for a year.
“Our partnership with Convoy has helped P&G reduce costs and improve service by looking at transportation differently. We value Convoy’s commitment to transparency, innovation, and sustainability, underpinned by a culture of operational excellence.”Andy Butler, Associate Director – North America Market Operations Purchases, The Procter & Gamble Company.
We are in the early days of technology improving trucking, and in fact, we’ll never be done. There will always be new problems to solve and new, better technologies and innovative ideas for us to pursue, making things better and better for our customers and partners. There is no destination to get to, just a journey embracing that we can be better. That is our culture and why we are so excited to be working on this incredibly vast problem.
Below I have shared our Convoy values which represent who are as a company and how we show up every day to serve our customers and partners. I wanted to include them with this post because our values have as much to do with our progress as anything.
I want to thank everyone at Convoy and in our industry who have supported us and who believe in what we’re doing. Your dedication has given us the opportunity to make such an incredible difference in the world already, and I couldn’t be more proud. I’m excited to see what problems we get to solve next.