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The past couple of years exposed many flaws in the global and domestic supply chains鈥攁nd investors have taken note that it is an industry ripe for disruption.

Seattle-based is the latest company in the sector to raise big money at a bigger valuation鈥攁s the digital freight network closed a $260 million round.

The funding includes $160 million in a Series E equity round led by and funds and accounts advised by , and a $100 million venture-debt investment from . The equity portion of the round values the company at $3.8 billion.

The company has also secured a new $150 million line of credit from .

Through its smartphone app, Convoy鈥檚 platform helps connect shippers and freight brokers to a network of 400,000 trucks. Matching shippers with trucks helps move freight while also reducing the number of 鈥渆mpty鈥� miles driven by truckers.

鈥淭he pandemic highlighted how important trucking is and how volatile and inefficient this industry can be,鈥� said co-founder and CEO in a release. 鈥淲e know that we can do better by using modern technology and algorithms to help orchestrate freight logistics, improve service, reduce waste, and help drivers.鈥�

The supply chain management sector saw an unprecedented amount of venture dollars last year and is on pace to break that number this year, according to Crunchbase data. While VC-backed companies in the space raised nearly $13.5 billion in 2021, this year startups already have closed rounds of more than $7 billion, Crunchbase data shows.

Some other notable rounds include Michigan-based closing a $1.7 billion private equity round in January, and closing a $935 million Series E in February.

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