A Bezos-backed trucking startup now valued at $2.75 billion just raised $400 million from Al Gore’s fund to dominate the

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A Bezos-backed trucking startup now valued at $2.75 billion just raised $40

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Convoy, started by ex-Amazonians Dan Lewis and Grant Goodale in 2015, just raised $400 million in Series D funding.
An environment-focused startup might not seem like a natural fit for a trucking business, but Lewis said Convoy’s overarching aim to reduce waste.
In a study last year, almost 63% of truck drivers said they waited at least three hours every time they were at a shipping dock.
Both inefficiencies cost truck drivers serious money – but the leaders of trucking tech startups like Convoy say their products can slash those losses for America’s 1.8 million truckers, and the environment.
“Reducing waste is this beautiful, magical thing because it improves the service experience,” Lewis told Business Insider.
Read more: Why Alphabet just led a $185 million investment round in a trucking startup
Joy Tuffield, a partner at Generation Investment, which is a new investor in Convoy, told Business Insider that she started researching Convoy in 2016.
“Not only do we think that Convoy is an innovator and disruptor and is only going to become more relevant in the freight market, but it’s a real win-win scenario,” Tuffield told Business Insider.
Digital-freight brokerage, as Convoy’s sector is called, seeks to lessen the need for a middle-man when companies are trying to move their goods.
Companies like Amazon and Uber have opened digital freight-brokerage departments, while trendy startups like Convoy and Transfix are attracting hundreds of millions of dollars in investments and big-name hires as they seek to digitize trucking.
A Convoy representative said the company is now valued at $2.75 billion.
“We forced ourselves to grow in a healthy way by concentrating our business on these lanes where we end up having really healthy economics,” Lewis said.
With the raise, Lewis said the company will increase research and development investments

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