The Venture Codex

Participated · Series D · Oct 2022

Soli Organic operates a soil-based, indoor farming platform that produces 100% USDA-certified organic culinary herbs and other produce. The company supplies products to more than 20,000 stores nationwide, including Kroger, Target, Walmart and Whole Foods. Soli emphasizes unit economics and has historically reinvested profits into technology development rather than relying heavily on venture capital. It has introduced competitively priced SKUs such as 'Indolce' basil, positioned nearly a dollar less per ounce than field-grown organic basil. Soli plans to expand its nationwide footprint to a total of 15 high-tech farms in strategic regions (Mid-Atlantic, Southeast, Pacific Northwest) while identifying sites in the Midwest and Northeast. The company operates from Rockingham, Virginia and was founded in 1989 (originally as Shenandoah Growers). Shenandoah Growers, founded in 1990 and based in Harrisonburg, Va., produces certified organic live potted herbs and fresh-cut herbs for leading U.S. food retailers. The company operates more than 260,000 square feet of greenhouse space across facilities in Virginia, Indiana, Georgia and Texas. Management says it will expand use of state-of-the-art greenhouses in Virginia and deploy proprietary new technologies across its multi-regional operations. Shenandoah has positioned itself as a leading supplier to retail grocers and emphasizes sustainable, regionally grown produce. The recent capital infusion from investors is intended to support greenhouse expansion and operational innovations.

Participated · Series B · Jul 2017

Convoy operates a digital freight network that uses machine learning to automate dispatch and match shippers with carriers. The company offers fintech products such as a fuel card and quick payments and has a drop-and-hook trailer service that is consistently sold out. Convoy plans to expand the drop-and-hook program beyond its current 3,000 leased trailers and build technology to optimize routing and pricing. It is scaling its team of 1,300, with particular hiring in engineering, and intends to enable other brokers to run their brokerage business on Convoy’s platform. The company says greater network density will improve trucker experience and stabilize industry rates. Convoy is on track to earn more than $1 billion in revenue this year. Convoy operates a digital freight network that automates matching between shippers and truckers and has eliminated human matching on its platform. The company has grown from handling hundreds of loads per week in 2016 to tens of thousands per week across the U.S. and runs roughly 100 routes concentrated around hubs such as Chicago, Michigan and California. Convoy has added features like automated reloads (booking multiple loads) and Convoy Go (drivers hook up to pre-filled trailers) to scale utilization. The company is about 850 people and plans to accelerate expansion efforts using new capital. Financially, Convoy has raised more than $668 million since its founding and is pursuing growth amid increasing competition from players like Uber Freight, Loadsmart and Flexport. Convoy operates an app that matches truckers with companies that need freight moved, positioning itself as a tech-enabled alternative in the $800 billion trucking industry. Founded by former Amazonians Dan Lewis and Grant Goodale, the company builds tools to reduce empty miles and inefficiencies—trucks run empty about 40% of the time, the company says. With the new funding Convoy plans to expand nationwide and move beyond simple freight matching by developing a suite of tools to help truckers combine tasks. It is also working to give shippers access to tracking and pricing data through its platform. Convoy has been backed by investors including Greylock Partners and Y Combinator, plus individual backers such as Marc Benioff, Drew Houston, Bezos Expeditions and Howard Behar. The round increases its war chest and supports product expansion and nationwide growth. Convoy is a Seattle-based, two-year-old tech-enabled trucking network that connects shippers and trucking companies via a smartphone app. Its app lets drivers see and book available jobs and helps drivers get paid right after their shifts. The company employs about 120 people and says the amount of freight it is helping to ship is doubling every quarter. More than 10,000 trucking companies use Convoy’s platform, and customers include Unilever, Anheuser-Busch and Niagara Bottling. Convoy faces competition from startups such as Trucker Path and Transfix amid roughly 190 rivals tracked on AngelList. Management expects access to Y Combinator’s network of alums and mentors to help scale growth and operations. Convoy operates an on-demand platform that lets shippers connect with nearby trucking companies and book jobs instantly, while providing real-time shipment tracking and improved visibility. The service notifies trusted carriers of jobs on their phones, helping carriers find work that matches their equipment and location. Convoy says its platform increases efficiency, transparency, and scheduling for shippers and carriers. The company is centered in the Seattle–Tacoma area and is operational in Washington and Oregon, having expanded service into Oregon. Convoy will use new funding to accelerate development of its technology and expand its footprint into additional regions. Dan Lewis is Convoy's co-founder and CEO.