By Craig Fuller

Then the news broke that one of the most iconic freight brokers to come out of the venture era of freight tech funding would fail on the same morning. 

Convoy was a victim of a violent commoditized industry that is facing one of its deepest recessions in decades and a sudden change in investor appetite from risk to unit economics.

While many articles will be written in the coming weeks about Convoy, unfortunately, it won't be the only significant broker to suddenly shut down.

This is unusual. 

After all, anyone who has been in trucking knows that asset-based carriers face imminent failure frequently. However, it has been rare for freight brokers to suddenly shutter. Compared to trucking fleets, freight brokers have a lot more flexibility in their business model to adjust to changing market conditions