Convoy Valuation Dropped 93 Percent

The 93% haircut shows how little stand alone equity value survived once freight software lost the capital markets story and became just one tool inside a harder, lower margin brokerage workflow. Convoy reached a $3.8B private valuation in April 2022, shut down in October 2023, its assets were bought by Flexport, then the platform was sold to DAT for about $250M in July 2025. That arc turned a venture scale marketplace into a tuck in product sale.

• At its peak, investors were paying for the idea that software could automate truckload brokerage at massive scale. In practice, Convoy was still exposed to freight cycles, thin brokerage margins, and the need to keep matching loads when volumes and rates collapsed in 2023.
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• The buyer and the price matter. Flexport bought the assets in late 2023 for roughly $16M, relaunched the product in 2024, and sold it to DAT for about $250M. That means the market still valued the technology and carrier network, but far below a venture outcome.
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• DAT is a more natural owner than a venture backed standalone broker. DAT already has a giant load board and broker relationships, so Convoy Platform works as automation layered onto an existing marketplace, not as a separate company that must justify a multibillion dollar valuation on its own.
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Going forward, freight software value is likely to concentrate in products that improve fill rates, pricing, booking, and payments inside existing networks. The winners will look less like independent digital brokers and more like infrastructure providers that sell automation into brokers, carriers, and marketplaces that already control freight demand.