Convoy

AUTOPSY REPORT

Digital freight network backed by Jeff Bezos, Bill Gates, and YC's Continuity Fund. Raised over $1 billion and hit a $3.8B valuation after a $260M round in April 2022. Just 18 months later, the company abruptly shut down in October 2023, citing an 'unprecedented freight market collapse,' and sold its remaining assets to Flexport for just $16 million — a 99.6% loss from peak valuation . Drivers were left waiting for unpaid invoices. Employees found out via an all-hands call. YC's Continuity Fund, which Garry Tan later shut down entirely, had been a major backer. From billion-dollar unicorn to fire-sale asset in 18 months.

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