Trucking Startup Convoy Shuts Operations With No Buyer
- Jeff Bezos-backed tech company was once valued at $3.8 billion
- Logistics startups have suffered from falling prices, demand
The Convoy Inc. app.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Convoy Inc., a Seattle-based trucking startup whose investors include Jeff Bezos and Bill Gates, is closing down its business after a four-month search for an acquirer failed, its founder and Chief Executive Officer Dan Lewis told employees in memo Thursday informing them, “Today is your last day at the company.”
“Following an exhaustive process, spanning many, many months during which we explored all viable strategic options for the business, the result is where we are today,” Lewis wrote. “Convoy is closing the doors on its current core business operations and exploring and evaluating strategic options for what might come next.”