Convoy

Roughly three months after it acquired the technology and intellectual property of Seattle-based digital freight network Convoy, following the closing of Convoy’s business, due to the effects of the freight recession and a slowdown in capital market activity, San Francisco-based freight forwarding and customs brokerage services provider Flexport said earlier this month that it has formally introduced the rollout of the Convoy platform to its service portfolio.

In an annual tradition, LM takes a look at the top news in logistics and supply chain posted in the last year on Logistics Management. The editorial team presents the top 10 logistics stories of 2023.

While news of the shuttering of Seattle-based digital freight network Convoy reverberated throughout industry circles last week, it raised the question of if there is another shoe to drop, in the form of another well-capitalized player, or players, potentially exit the industry, too.

Following heavy speculation in recent days that it was taking steps to wind down its business operations, Seattle-based digital freight broker Convoy is officially closing down its current core business operations, according to a company letter sent to Convoy employees from Convoy CEO and Co-Founder Dan Lewis.

Various media reports are indicating that Seattle-based digital freight broker Convoy is taking steps to wind down its business operations.

ew truckload freight service offering recently introduced by Seattle-based digital freight network Convoy aims to provide shippers with guaranteed on-time performance within 15 minutes of the scheduled delivery time.

Seattle-based digital freight network Convoy introduced a new service that it said provides shippers with dedicated truck and trailer capacity that can flex to accommodate surges in freight. Entitled Convoy Dedicated On Demand, the company said this new service offers shippers things like cost stability and quality service expected from traditional asset carriers, coupled with the company’s flexibility, for sourcing a single truck or an entire fleet in a matter of days.

While there is often a lot of talk about things like the need for, or even potential, for more standardized processes, when it comes to keeping truck wheels rolling and staying on schedule to meet tight deadlines, there is much more than meets the eye required to take that from a concept to a reality.

Three household names in freight transportation and logistics announced they are partnering up in the name of standardization by establishing what they said is the first set of freight-focused appointment scheduling application programming interface (API) standards.

At a time when diesel gasoline prices have hit, or routinely approached, record-high prices, especially in the last year, it stands to reason that motor carriers view sustainability as top of mind. That was evident in a recent survey released by Seattle-based digital freight network Convoy. The survey, entitled “Sustainability in Trucking Snapshot Report: October 2022,” is based on feedback from 588 small- and mid-sized trucking companies, including dispatchers, drivers, and owner-operators.

Entitled Hi-Fi visibility, the company explained that this offering gives shippers detailed, real-time updates across trailer pools and shipments hauled by Convoy-connected carriers, as well as robust analytics geared towards improving supply chain health. Shippers are able to access Hi-Fi Visibility through TMS integrations, APIs, and Convoy’s shipper platform, said Convoy.

Convoy officials said that this initiative is focused on helping freight brokers on various fronts, including: automating the brokerage process, controlling costs, and accessing elastic capacity from more than 400,000 connected trucks via its Convoy for Brokers tool, which enables brokerages to post loads directly to its digital freight network, access our elastic capacity, and expand their carrier base while maintaining their relationships with shippers and carriers and ensuring the privacy of their data.

The new funding includes: a $160 million Series E preferred equity round led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, Inc.; a $100 million venture-debt investment from Hercules Capital, Inc.; and a new $150 million line of credit.

This webcast will address these key themes and others, including what may be in store for the remainder of this year and into 2022, things to watch on the regulatory front and Peak Season expectations, too.

Register for this webinar to learn eight ways to save time and money on freight and how you can leverage Convoy’s digital freight network to gain efficiencies in your logistics operations.