How Convoy is Overhauling the Trucking Industry

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How Convoy is Overhauling the Trucking Industry

Times of rapid change have a way of illuminating the shortcomings of the industries that power everyday life.

Among the most noticeable today are the many logistical constraints of shipping and supply chain systems. Already a highly fragmented system beset by challenges ranging from lack of visibility into scheduling to hours of wasteful driving, the trucking industry has been further strained in recent years by the rise of e-commerce and the compounding factors of labor shortages, high gas prices, the impacts of geopolitical tensions, and more.

At the same time, the increased visibility of these problems coupled with the convergence of widespread smartphone use have given rise to technology startups aimed at digitizing the supply chain for once and for all.

“All of a sudden, when all the truck drivers got smartphones like everybody else, it led to this completely different opportunity where, for the first time ever, all of these drivers were now online and they have a single platform with location information that goes two ways,” says Convoy CEO and co-founder Dan Lewis, whose company developed a platform to connect truck drivers, shipping companies, and freight brokers. “ And all of a sudden, you could take this offline, antiquated industry — that hadn’t had an opportunity before — online.”

Putting drivers, shipping companies, and freight brokers on the grid so to speak has allowed all parties to operate more efficiently, resulting in saved costs and time as well as reducing pollution. Founded in 2015, Convoy now works with about 80,000 registered trucking companies (which collectively have some 400,000 trucks in their network), and in April raised $260 million in Series E funding. Greylock has been an investor since 2015, and general partner Reid Hoffman sits on the company’s board.

While Convoy was among the first companies to take on the trucking industry, there are now several startups in the sector. Lewis joined Greylock head of editorial Heather Mack on the Greymatter podcast to discuss the changing trucking landscape and share his vision for the road ahead.

You can listen to the podcast at this link, or wherever you get your podcasts.

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