San Francisco, CA — Convoy, an app connecting truck drivers with loads of freight, has raised more than $60 million as startup investors double down on technology bets to transform the long-haul trucking industry.
According to a Reuters article, Convoy, a Seattle-based startup founded two years ago, is part of a growing field of companies using mobile apps and algorithms to try and connect shippers with trucks more efficiently. Venture capitalists and entrepreneurs have been looking for opportunities to grab a slice of the $700 billion-a-year trucking industry, which still relies heavily on call centers and fax machines.
Convoy is one of several startups aiming to unseat traditional trucking brokerages with new technology. Convoy’s app allows truck drivers to find loads and shippers to find empty trucks using an automated process dictated by algorithms, which also determine the price for each load.