Convey announces $10M in new round of venture capital funding

Date: Monday, June 25, 2018
Source: Logistics Management

Convey, an Austin, Texas-based provider of cloud-based technology that helps shippers connect disparate data and processes to improve the last mile customer experience, announced this week that it has received an additional $10 million in venture capital funding, which brings its total raised capital to $25.75 million.

The company said that the lead investors for this round of funding are Silverton Partners, Techstars Venture Capital Fund, RPM Ventures, and NextGen, among others.

Company officials said that this investment will go towards expanding the company’s product portfolio capabilities as well as adding personnel for sales engineering, and client success.

“Our focus is to help businesses create amazing delivery outcomes for their customers, regardless of how large or complex a delivery might be,” said Rob Taylor, CEO of Convey, in a statement. “This latest funding will give us the resources and talent to continue expanding our capabilities beyond retail into B2B, where companies face similar last-mile visibility and performance challenges, and customers have equally heightened expectations.”

A company spokesman told LM that acceleration in retail is a major theme for the company going forward, explaining that Convey has seen continued momentum and interest in retail.  

“Our strength in large/bulk for our clients has translated into additional success in their parcel business, allowing us to support them across all final mile use cases,” he said. “This is powering big wins with large strategic brands as well as new wins with smaller, parcel-only retailers. This funding allows us to double down in this sector.”

Another theme is market expansion, with the spokesman saying that Convey’s carriers are pulling the company into conversations with businesses in other sectors, with noted attention in time sensitive medical devices/equipment, construction materials and manufacturing supply. 

“Additionally, we see more interest from 3PLs looking for help in delivering better service to their clients,” he said. “This announcement is supporting our work in expanding into these markets where expectations are escalating just as fast as on the consumer side.

From a Convey customer perspective, the key benefits, according to the spokesman, are continued investments into innovations to help customers provide best-in-class deliveries to their customers and to help them raise the bar on customer experience through the final mile. What’s more, he noted that it provides additional confidence in Convey’s ability to meet and exceed the company’s commitments to build and support an enterprise-grade offering for the long-term.

Other benefits of this investment, cited by Convey include the recent addition of a number of leaders to its executive team to accelerate growth. These leaders will be growing teams to build and support the innovative capabilities our clients demand, as well as expanded capabilities to build the delivery experiences demanded by consumers such as GPS/truck level-tracking, customer self-service and UX customization. 

Convey’s cloud-based platform uses data to help shippers (both retail and B2B) and carriers proactively identify, collaborate and resolve final mile delivery issues before they impact the customer experience. End-customers benefit from on-brand, real-time, and actionable delivery outcomes.  

Some of its customers include Neiman Marcus, Jet.com (now part of Walmart, Uncommon Goods, Bodybuilding.com, MODLOFT, ShoppersChoice, and Family Leisure, among others.

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