May 3, 2024 3:56 pm
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Bezos-backed Convoy, once valued at $3.8B, shuts down; closing part of an emerging trend, says Shruti Gurudanti, Rose Law Group partner and director of corporate transactions

By Spencer Soper, Lizette Chapman, Bloombert | Fortune

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.”

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“A deteriorating market for VC fundraising means there will be a lot of companies up for sale in 2024, and likely at a price lower than their last valuation.” – Shruti Gurudanti, Rose Law Group Partner, Director of Corporate Transactions

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