Convoy
Freight logisticsUSA
New to Unitard
💀 Dead / Bankrupt
Peak $3.8 BillionToday
~-100%
from peak
- 🦄Became a unicorn2018
- 📈Peak valuation$3.8 Billion ’22
- 💔Became a UnitardOct 2023
- 💸Last valuationWiped out
🔥 Raised & burned
$1B
Total raised
$330K/day
Burned · 8.3y alive
Funding: Wikipedia / Forbes
Current status
Shut down Oct 2023; assets to Flexport
The rise & fall
7 moments · 2015–2023The key moments, with employee sentiment along the way.
2015
2015
Founded in Seattle
Dan Lewis pitches an app that matches truckers to freight; Bezos and Gates invest early.
TechCrunch
2018
2018
Joins the unicorn club
A CapitalG-led round values the digital freight broker above $1B.
TechCrunch
Apr 2022
Apr 2022
The peak: $3.8B valuation$3.8B
A $260M round lands just as the pandemic freight boom tops out.
TechCrunch
2022–23
2022–23
The freight recession bites
Rates collapse, losses mount, and new funding never materializes.
NYT
2022–23
From the inside · Glassdoor reviews, 2022–23
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.
Oct 2023
Oct 2023
Abrupt shutdown — joins the Unitard Club 💔
Staff who believed an acquisition was closing are terminated the same day, with no severance.
TechCrunch
Nov 2023
Nov 2023
Flexport buys the technology
TechCrunch
$3.8Bof peak value erased · 8 years
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
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.
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.
Source: TechCrunch/NYT; raised $900M
Where they went
- Dan Lewisco-founder & CEOCEO & Co-Founder at Stealth Startup
- Grant Goodaleco-founder & CTO (stepped down 2023)Chief Product & Technology Officer (CPO/CTO) at Ryder System, Inc.
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
