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Doing cargo logistics need a one-stop shop? That’s Flexport’s thinking, and that’s probably one of the reasons why Convoy didn’t succeed; however, it may be too early for this approach in Latin America. On a different note, investors still seem willing to back startups that help people drink less alcohol, as long as there’s AI involved.
By the way, this newsletter will take a break next week, but I’ll be back on December 2.— Anna
Lessons to learn?
Entrepreneurs often write postmortems after their companies are closed or sold, but it’s less common for these lessons to be learned by their acquirers as well. However, that’s what happened to Convoy, a failed digital freight unicorn whose tech backbone – including some team members – acquired by Flexport.
In a memo quoted by FreightWaves, Flexport CEO Ryan Petersen clarified that while he was interested in buying Convoy because of the “incredible tech stack” it had built, he didn’t buy its strategy.