After raising $800M+ in equity funding from investors including Jeff Bezos and Bill Gates, trucking startup Convoy is closing its doors.
Unicorn logistics provider Convoy — last valued at $3.8B — is shutting down, per FreightWaves.
The company has raised over $800M in equity funding and has been a unicorn (a private company with a $1B valuation) since 2018.
It was one of the highest-valued unicorns in the logistics space behind Flexport. (TPG’s 2021 sale of Transplace to Uber Freight now looks impeccably timed.)
The pain in supply chain & logistics tech, however, is not restricted to Convoy.
We also used CB Insights valuation comparables data to dig into Flexport — and it looks like its valuation is likely 80% lower than its 2022 round that valued it at $8B.
Want to learn more? We break it all down in this research brief.
If you aren’t already a client, sign up for a free trial to learn more about our platform.