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One tech startup got a big financial boost this week when it received a $16 million windfall from investors. The Seattle-based trucking software startup Convoy makes a big splash with big-name tech investors. Investors include Jeff Bezos of Amazon, who likes what Convoy peddles.
Overall, Convoy’s software matches trucking companies to firms that need products transported.
Transport Topics magazine said word of the $16 million in new venture capital for Convoy. This comes only months after Convoy made a foray into Washington state’s technology scene. In addition, they raised $2.5 million in seed money from Salesforce CEO Marc Benioff and Expedia CEO Dara Khosrowshahi, among others.
“The new round, led by Menlo Park, California-based Greylock Partners, with participation from high-ranking Amazon.com executive Jeff Wilke, Instagram CEO Kevin Systrom, Acosta Executive Chairman Gary Chartrand and LinkedIn executive Mike Gamson,” Transport Topics wrote.
Convoy creates software that connects truck drivers with freight that needs hauling. The startup developed a website and app into which freight companies enter information about what they need moved. It includes the equipment required. Next, Trucking companies then swoop in and claim the job. The traditional model involves companies working with third-party brokers to find truckers. Convoy lowers transport costs by cutting out the middle man and automating part of the process.
Convoy raised this second round of funding thanks to its rapid growth and increasing demand from trucking companies.
The company now stands at 31 employees
They preppe to relocate to a larger, 6,000-square-foot office space. It also announced this week that it will expand into Oregon. It plans to use its new funding to continue its expansion throughout the year.
“One of the only limits to our growth is how fast we can hire the people that we need,” Forecki said.
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