Austin logistics startup Convey lands millions to break into new markets
Austin-based Convey, a logistics startup which makes software to help online retailers with shipping logistics, has raised $8.25 million to break into new markets.
Convey received the funding from Techstars Venture Capital Fund, RPM Ventures and other investors. The latest round brings the company’s total funding to $15.75 million.
The company has focused on changing the way online retailers handle deliveries. It says its software makes it easier for customers to track orders and communicate with retailers, while providing retailers with information they need to solve potential problems before they happen.
Convey does not disclose financial information, but said it has already exceeded total bookings from 2016, representing a 340 percent year-over-year increase to date.
Customers include Build.com, BuildDirect, Power Equipment Direct and ShoppersChoice.com.
Now Convey is ready to break into new markets beyond retail, including construction and building materials, medical devices and pharmaceuticals.
Convey’s software will help companies in those industries connect the dots between customers, shippers and carriers to improve the delivery experience, Taylor said.
Convey also recently signed an agreement with Ingram Micro Commerce & Fulfillment, a global commerce and logistics provider, to integrate its software with Ingram’s fulfillment systems.
“Our early momentum in 2017 is a direct result of the shifting tide in today’s supply chain operations — from a core focus on cost efficiency to customer-centric decisions designed to create better outcomes,” Taylor said in a written statement.
“This latest funding will allow us to pursue new opportunities that help the world’s largest retailers, manufacturers and third-party logistics reinvent and grow their businesses.”
Convey has 25 employees and is hiring in areas including engineering, sales and client services. The company plans to grow to 45 workers by the end of the year.
This article was originally published in the Austin Statesman on September 6, 2017, and it was written by Lori Hawkins.
Read the story here.