Convoy has raised $160m in a late-stage funding round led by fund managers Baillie Gifford and T Rowe Price Group Inc, valuing the freight network platform operator at $3.8bn, the company said on Thursday.
The company also raised $100m from Hercules Capital Inc in a venture-debt investment, bringing the total capital raised to $260m. It also secured a $150m line of credit from J.P. Morgan.
Convoy, whose mobile app connects shippers and freight brokers to a network of 400,000 trucks in the United States, said it will use the funds raised to further develop its trucking network technology and scale up operations.
