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Convoy

lightbulb Proposed as an existing solution to trucking/freight optimization

open_in_new https://convoy.com/

T.A. mentioned Convoy earlier in the thread but I forgot to add them to the list.

Comments

Jeremy Burton core team
about 3 years ago

CEO | Founder | Managing Partner @ Platform Venture Studio

More layoffs at Convoy:

https://www.geekwire.com/2022/convoy-lays-off-more-employees-as-part-of-reorganization-at-seattle-trucking-startup/
 
Jeremy Burton core team
about 3 years ago

CEO | Founder | Managing Partner @ Platform Venture Studio

$930M raised. https://www.crunchbase.com/organization/convoy-3/company_financials
 
Tim Connors core team
about 3 years ago

Founder, MD @ PivotNorth Capital

wonder what revenue is.
 
GL
about 3 years ago

CEO @ EsoTrans

Some reports of $750M in '21 and likely to exceed $1B in '22. Some other details here: https://www.geekwire.com/2022/convoy-valued-at-3-8b-after-raising-260m-to-hit-the-gas-on-digital-freight-marketplace/
 
Tim Connors core team
about 3 years ago

Founder, MD @ PivotNorth Capital

thanks. assume that is gmv? what is their commission rate on gmv?
 
GL
about 3 years ago

CEO @ EsoTrans

Not sure of spread, but here's an analogy using Uber Freight's figures from Q1 22:


  • Revenue of $1.8 billion: Q1 2022 was the first full quarter of combined Uber Freight and Transplace performance. Freight Revenue grew 69% QoQ and 506% YoY.
  • Adjusted EBITDA of $2 million: Freight Adjusted EBITDA grew $27 million QoQ and $31 million YoY, reaching profitability for the first time. Freight Adjusted EBITDA margin as a percentage of Gross Bookings improved 9.7 percentage points YoY to 0.1% driven by increased marketplace efficiency and density of our digital platform, continued automation of the load life cycle, and positive contributions from Transplace. We believe Freight is well on-track to achieve the net run-rate synergies of $40M+ expected to be realized 12-24 months from the closing of Transplace.

https://investor.uber.com/news-events/news/press-release-details/2022/Uber-Announces-Results-for-First-Quarter-2022/
 

Jeremy Burton (core team)

CEO | Founder | Managing Partner

Platform Venture Studio

Aug 26, 2022

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