Flexport sells former freight unicorn Convoy’s tech two years after shopping for it | TechCrunch

Two years in the past, logistics firm Flexport purchased the property of Convoy, a former freight tech unicorn that had closed up store. Now it’s bought that platform and delivered a “huge return on funding for Flexport.”

Flexport introduced the sale on Monday to DAT Freight & Analytics, however declined to reveal phrases.

“Over the previous 18 months, we rebuilt and relaunched the [Convoy] platform as a impartial digital freight execution layer that serves brokers, carriers, and shippers throughout the market,” Flexport Ryan Petersen stated in a press release. “That funding paid off. The platform is now stronger, extra extensively used, and way more invaluable than once we acquired it. Because the Convoy Platform matured, it was clear that to realize its full potential, it wanted to be a impartial infrastructure layer.”

Petersen wrote that the sale of Convoy’s tech will enable his firm to “focus our capital and vitality on our core enterprise” of serving to prospects transfer freight all over the world.

The sale comes only a few months after Flexport introduced the rollout of a collection of AI-powered instruments, and a plan to launch waves of recent merchandise for its prospects twice a yr — an strategy impressed by Airbnb CEO Brian Chesky.

Flexport advised TechCrunch on the time that the second product launch will are available in “late summer time.”