image source : Convoy

Seattle based on-demand trucking startup Convoy has now authorized the sale of up to $198 million in new shares as per a new piece from Pitchbook which notes that this round may come with a $1.1 billion valuation for the company marking another entry into the unicorn club from the on-demand services space.

If this valuation comes about, It would stand as a triple from its current $362.5 million valuation the 3 year old company gained after a $62.5 million Series B round July last year led by Y Combinator with participation from other notable names including Amazon CEO Jeff  Bezos, Greylock Partners, IAC, Bill Gates’ Cascade Investment, Mosaic Ventures and Salesforce founder Marc Benioff.

Other notable investors in previous rounds include Dropbox’s Drew Houston, Uber CEO Dara Khosrowshahi, Omidyar Technology Ventures, Billionaire businessman Nicolas Berggruen, Allen & Company and KKR co-founder Henry Kravis.
 
Convoy has raised $80 million in total since its start across 3 rounds and is notable for its platform which connects truck drivers to freight jobs which can be utilized using empty space on their trucks for more income for drivers and transportation savings for customers.

As per Convoy’s website, 40% of trucks travelling across the U.S. are empty with Convoy’s goal being to fill up empty spaces in these vehicles for businesses that use its service.

A unicorn valuation for Convoy will mark a very vast valuation jump in a short span for the company which was valued at $58.5 million from a funding round which took place 2 years ago.

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