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Convoy raises $260M Series E to expand digital freight network products



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Convoy, a digital freight network that connects shippers with carriers, has raised $260 million in fresh funding to scale up initiatives that will push the trucking tech industry into new ground.
The Seattle-based startup’s latest influx of capital is made up of two parts — $160 million in Series E equity led by Baillie Gifford and T. Rowe Price that brings Convoy’s valuation up to $3.8 billion, and a $100 million venture-debt investment from Hercules Capital. Convoy also secured a new $150 million line of credit from J.P. Morgan.
Startups that use machine learning software to automate dispatch for carriers and create more efficient and lucrative routes have seen new waves of funding in recent months as e-commerce continues to pick up globally. In December, Clou …

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