Convoy may have been a wreck when it hit the skids in November 2023. Now, the slimmed-down and retooled, B2B marketplace for truckers, freight shippers and brokers is back on the road.
The operation previously fell under the leadership of Dan Lewis, a former Amazon.com Inc. executive. In that era, Convoy operated with financial backing from major investors. Among them were Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates. In the meantime, it racked up a substantial client base. Those customers included such companies as The Home Depot, Unilever, Procter & Gamble and Anheuser-Busch from 2015 to 2022.
But largely because of a post-pandemic drop in demand and a challenging investment market, Convoy had spent the last several months of 2023 exploring alternatives. Eventually, it sold its intellectual property assets and marketplace technology to Flexport, a freight logistics application and services provider.
Following the acquisition, Flexport has relaunched Convoy as a marketplace for global shippers. It will focus on serving needs for access to trucking capacity from small carriers and owner-operators.
As a B2B marketplace for truckers and carriers, the Convoy platform will enable them to find and book loads from vetted brokers and shippers.
Carriers can use the app to book loads at the listed rate or have the option to bid, for fleet management and managing paperwork. Other new features for shippers include access in real-time to pricing, shipment tracking and on-time performance metrics.
“Today’s launch of the Convoy Platform furthers Flexport’s product vision to build a true one-stop-shop to ship any product, in any quantity, between any two places in the world,” said Flexport CEO Ryan Petersen. “As a neutral, end-to-end supply chain platform, we’re able to bring together every party in global logistics with one common mission: make global commerce so easy there’s more of it.”
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