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Convoy

Freight logisticsUSA
💀 Dead / Bankrupt
Peak $3.8 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    2018
  2. 📈
    Peak valuation
    $3.8 Billion ’22
  3. 💔
    Became a Unitard
    Oct 2023
  4. 💸
    Last valuation
    ~$0
Current status
Shut down Oct 2023; assets to Flexport

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. It abruptly shut down operations in October 2023, with assets later acquired by Flexport, a near-total loss.

Source: TechCrunch/NYT; raised $900M