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Bono-backed trucking firm shutting down

An on-demand trucking company in the United States backed by U2’s Bono and the Edge, is shutting down after failing to find a buyer.

Convoy, based in Seattle, Washington, is described as a provider of on-demand shipment services designed to connect trucking companies with freight shippers, helping a network of more than 400,000 trucks in the US to move goods more efficiently.

The company was valued at $3.8 billion back in June 2022 after raising an additional $260 million from investors.

It had cut employee numbers by two-thirds to 500 people as it sought to find a buyer, but remaining staff were let go last week.

Bono and the Edge were early backers of Convoy, with other big-name investors including Bill Gates, Marc Benioff, Jeff Bezos and Reid Hoffman.