Generation Investment Management and T. Rowe Price Associates to invest $400m in Convoy.

Generation Investment Management and T. Rowe Price Associates, two investment management firms, agreed to invest $400m in Convoy, in a Series D funding round that values the business at $2.75bn. Seattle-based Convoy is an operator of online marketplaces that match truckers with shippers needing to move cargo. "Generation's investment in Convoy is rooted in many years of deep research into the future of logistics. We are seeing Convoy drive the next evolution in efficiency across the industry, through its use of sophisticated data science techniques to continuously optimize its growing network of carriers. This is a true win-win opportunity for the industry – driving a reduction in carbon emissions, while simultaneously increasing take-home pay for carriers and service quality for shippers," Joy Tuffield, Generation's Growth Equity team Partner.