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Bezos-backed trucking startup Convoy shuts down core business, lays off hundreds
Convoy, the trucking startup backed by Amazon founder Jeff Bezos, is shutting down its core operations due to a combination of factors including a freight market collapse and a tightening capital market. CEO Dan Lewis said the company had explored strategic options but none were sufficient to keep it going. Convoy had raised $260 million and was valued at $3.8 billion. The closure comes amid a challenging time for the freight industry, supply chain software startup Flexport also announcing layoffs recently.
Convoy, the trucking startup backed by Amazon founder Jeff Bezos, is shutting down its core operations due to a combination of factors including a freight market collapse and a tightening capital market. CEO Dan Lewis said the company had explored strategic options but none were sufficient to keep it going. Convoy had raised $260 million and was valued at $3.8 billion. The closure comes amid a challenging time for the freight industry, supply chain software startup Flexport also announcing layoffs recently. 
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