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Prime Mover Magazine

Billionaires invest in trucking technology

On-demand trucking app, Convoy, has raised $77.7 million in Series B funding, with Forbes' Worlds Richest Man, Bill Gates, headlining new investors to the transport technology.

The US-based technology start-up has been referred to as the 'Uber of Freight' by Forbes, as it allows verified carriers access to personalised job offers and free tools to manage their fleet, reduce overhead, and cut down paperwork.

Convoy will reportedly use the funds to accelerate product development and expand its trucking marketplace nationally.

Anu Hariharan and Ali Rowghani, partners in the YC Continuity Fund, which led the US$62 million ($77.7 million) Series B financing, joined the Convoy Board Of Directors.

“By improving trucking, Convoy is improving the foundation of our economy,” said Hariharan.

“This service allows shippers to transform their supply chains at the same time that it allows carriers to grow their businesses more quickly, on their own terms. In 10 years, we’ll be astonished that this was ever done another way.”

According to Forbes, Amazon CEO, Jeff Bezos, who briefly interrupted Gates' run as Worlds Richest Man this week, has also invested in the technology.

Other big names to invest in the technology include LinkedIn co-founder, Reid Hoffman, on behalf of Greylock Partners, Salesforce CEO, Marc Benioff, and the founders and CEOs of eBay, Instagram, KKR, and DropBox.

(image L-R: Convoy Co-Founders - Grant Goodale, CTO and Dan Lewis, CEO.)

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