Orrick Advises Convoy on $260 Million Round, at $3.8 Billion Valuation

April.21.2022

Congratulations to our client Convoy on its $260 million funding round, comprised of a $160 million Series E preferred equity round led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, as well as a $100 million venture-debt investment from Hercules Capital. The company also secured a new $150 million line of credit from J.P. Morgan.

The new funding will enable Convoy to accelerate the development of its efficiency-focused technologies in response to surging customer demand within the nation’s trucking industry. With this most recent equity investment, Convoy is valued at $3.8 billion.

In addition to Baillie Gifford, the T. Rowe Price funds and several other existing shareholders who participated in the round, Park West and a number of other new investors joined the ranks of Convoy’s investor base which includes Generation Investment Management, Fidelity, Durable Capital Partners, Capital G, Lone Pine Capital, Greylock Partners, Y Combinator, Bill Gates, Jeff Bezos, Salesforce CEO Marc Benioff, Code.org founders Hadi and Ali Partovi and U2’s Bono and The Edge, among others.

Orrick has advised Convoy since its inception in 2015. The Orrick team advising on this round includes Anik Guha, Laura Bloxham, William Blackman, Andrew Kang, Harry Clark and Sheila Maguire. In addition, an Orrick team including Adam Ross, Noel Pacheco and Catalina Bravo advised on the venture-debt investment and line of credit.