Convoy, Once Backed by Bezos and Gates, Shuts Down Operations
Originally Published 2 years ago — by The Information
Trucking startup Convoy, often hailed as the "Uber for trucking," has shut down after failing to raise cash or find a buyer. Despite raising over $1 billion from investors, including Jeff Bezos and Bono, Convoy struggled to navigate the volatile trucking market and secure profitable deals. Led by a CEO with an Amazon background but no trucking experience, the company's downfall highlights the risks of investing in startups with inexperienced management and questionable business models. The shutdown wiped out $900 million in equity investments.