Convoy (Trucking)

Convoy raised $1 billion to be the 'Uber of trucking' but shut down in 2023 when the freight recession exposed that digital freight brokerage couldn't sustainably undercut traditional brokers. The company burned capital matching trucks to loads more efficiently, but discovered that efficiency gains couldn't overcome low-margin economics. Like an organism that optimizes hunting but can't profit from what it catches, Convoy's technology didn't translate to viable business.