Convoy

How it happened

Convoy was a digital freight-brokerage platform matching shippers with truckers, which raised about $900M and peaked at a ~$3.8B valuation in 2022. A freight-market downturn, high costs, and an inability to secure new funding made the business unsustainable. Employees saw it coming: Glassdoor reviews flagged a short runway and an abrupt CFO exit a full year before the end, and counted five layoff rounds in 18 months, each preceded by assurances that no more were coming. When it abruptly shut down in October 2023 — assets later sold to Flexport — staff who believed an acquisition was closing were terminated the same day with no severance.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.