Digital Startup Convoy Is Winding Down Its Freight Business

null By Liz Young and Paul BergerOct. 18, 2023 4:18 pm ETConvoy matches loads to available trucks and has counted Home Depot and Unilever among its customers. Photo: Chip Somodevilla/Getty ImagesDigital freight startup Convoy, a business founded by former Amazon.com executives that has drawn a star-studded lineup of tech investors, has suspended operations and is winding down its core business as it seeks alternatives that may include selling its technology, according to people familiar with the matter. Convoy, which raised $260 million in a funding round last year that valued the business at $3.8 billion, on Wednesday told employees in an email that it would stop accepting shipments until further notice and that it was rescheduling or canceling existing loads.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your article witha WSJ subscriptionSubscribe NowAlready a subscriber? Sign InSponsored OffersAT&T: Get the iPhone 1