What the heck happened at Convoy? We explore that question on a new episode of the GeekWire Podcast, examining the market forces, debt, and other dynamics that put the digital freight marketplace out of business this week.
Convoy was one of the Seattle region’s top startups, raising $260 million in equity and venture debt just 18 months ago, at a valuation of $3.8 billion. Its investor list was a who’s who of tech moguls and celebrities, including Bill Gates, Jeff Bezos, Marc Benioff, and even Bono and The Edge of U2 fame.
My colleague John Cook, who has covered startups and venture capital since before the dot-com bust, compares Convoy’s implosion to past flameouts of high-profile startups, and explains the trends that served as the backdrop for Convoy’s demise. After a long stretch of free-flowing capital, at astronomical valuations, fundamental business realities are catching up to some heavily funded startups.
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