Investment Will Accelerate Move into New Verticals and Global Supply Chain Market
AUSTIN, Texas– Convey, the customer-centric delivery platform, today announced $8.25 million in Series B funding from Techstars® Venture Capital Fund, RPM Ventures and other investors. This latest round brings total funding to $15.75 million, and will be used to expand innovation and execution in product development, engineering and customer success, and to pursue new market opportunities beyond retail.
“This latest funding will allow us to pursue new opportunities that help the world’s largest retailers, manufacturers and 3PLs reinvent and grow their businesses.”
Convey has already exceeded total bookings from 2016, representing a 340 percent year-over-year increase to-date. The company’s customers include Build.com, BuildDirect, Power Equipment Direct, ShoppersChoice.com, and Vitalize, among others.
Convey also signed an agreement with Ingram Micro Commerce & Fulfillment, a leading global commerce and logistics provider, to integrate its Convey Engage and Convey Initiate products with Ingram Micro Commerce & Fulfillment’s First and Final Mile solution.
The relationship extends Convey’s customer delivery focus beyond retail into new verticals, while providing end-to-end supply chain visibility and management from international points of origin to final mile delivery. Early adopters of the solution have already realized improved insight and control over in-transit shipments, enabling them to proactively manage exceptions and provide consistent, positive delivery experiences.
“Convey continues to exceed expectations in developing innovative solutions that help retailers and 3PL providers improve delivery outcomes,” said Jason Seats, managing partner at Techstars Venture Capital Fund, who is joining the Convey board. “Their impressive bookings growth and continued customer momentum demonstrate the high-demand for visibility and delivery management solutions that connect the dots between customers, shippers and carriers.”
“The need to reduce operating and support costs, enhance decision-making, and synchronize processes across functions are critical drivers for supply chain technology investment today,” said Tony Grover, Managing Director at RPM Ventures. “Convey understands how to turn these challenges into advantages for their customers, and we look forward to working with them as they expand their focus to new markets.”
Year-to-date company highlights include:
- Bookings growth: 340 percent increase in new bookings, and 157 percent growth in new customers year-over-year through August 2017.
- Product expansion: First to final mile supply chain visibility and delivery management targeting new markets including construction and building materials, medical devices, and pharmaceuticals.
- Company growth: Employee count on track to double by the end of the year, with key hires in engineering, product, sales and customer support (learn more).
- Industry accolades: Supply & Demand Chain Executive SDCE Top 100 supply chain project, in collaboration with Build.com; Austin A-List winner for being one of Austin’s hottest startups and innovators; Austin Chamber of Commerce Greater Austin Business Award finalist for Innovation.
In addition, Convey’s industry insights tracker continues to capture some of the most detailed and valuable customer delivery intelligence in the market. More than 448,000 exceptions – or issues during the shipping process – have been collected and analyzed and over 127,000 shipments having been escalated for action and resolution. Data shows that customers using Convey’s solutions realize a 5X increase in visibility into shipment exceptions and an 11 percent average savings on freight costs. These figures represent significant potential across the company’s growing network of global customers.
“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,” said Rob Taylor, CEO of Convey. “This latest funding will allow us to pursue new opportunities that help the world’s largest retailers, manufacturers and 3PLs reinvent and grow their businesses.”
Convey enables businesses worldwide to take control of shipping and delivery. Our cloud-based platform connects disparate data and processes, giving shippers the insight to make smart decisions, and the tools to take action. From parcel to freight, and first to final mile, Convey helps the world’s largest brands create better delivery outcomes while reducing costs, improving visibility and transforming transportation into their next competitive advantage. Founded in 2013, Convey is based in Austin, Texas, and is part of the Techstars Class #38. Learn more at: www.getconvey.com.
Techstars helps entrepreneurs succeed. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate and connect entrepreneurs. Techstars Venture Capital Fund invests in the most innovative and disruptive Techstars companies to fuel their success. Techstars Corporate Innovation Partnerships helps brands create world-changing products and services. Techstars accelerator portfolio includes more than 1,000 companies with a market cap of $9.7 billion. www.techstars.com.
About RPM Ventures
RPM Ventures, founded in 2000, is a seed and early stage venture firm with over $200 million in asset under management. RPM’s investments and deep partnerships with entrepreneurs reflect the team’s roots in the innovative culture of Silicon Valley and the work ethic and core values of the Midwest. The firm focuses on investing in B2B Enterprise Solutions, Marketplaces (emphasis on Insurance and Fintech) and has a specialty in the Automotive and Transportation sector, including: Autonomy, Connected Car, and Mobility. RPM’s invests across all geographies within the United States and has operations in both Silicon Valley and the Midwest.