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Convoy raises $62 million to add tech to trucking

Convoy, a Seattle-based network that connects trucking companies with freight shippers, has raised $62 million in Series B funding. Y Combinator's Continuity Fund led the round, with partners Anu Hariharan and Ali Rowghani joining the Convoy board of directors. Other backers include Bill Gates' Cascade Investments, Mosaic Ventures, Barry Diller and Greylock Partners.

Investment thesis: This is all about efficiency, in terms of reducing the amount of time that trucks drive empty (which Convoy CEO Dan Lewis estimates to be 40%). Decreasing such vacancies could become a major margin improvement tool for trucking companies, as they continue to wait for the advent of autonomous vehicles.