project44 Raises $80 Million in Funding  

by Kay Aloha Villamor November 4th, 2022

project44, a Chicago, IL-based supply chain visibility platform, announced that it raised $80 million in funding, valuing the company at $2.7 billion.

The round was led by Generation Investment Management and A.P. Moller Holding. CMA CGM and previous investors Goldman Sachs Asset Management (“Goldman Sachs”), TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures, and Omidyar Technology Ventures also participated in the round. 

The round currently values project44 at $2.7 billion, a 12% increase over its Series F valuation published on January 11, 2022. 

The additional capital will support a number of crucial initiatives, including measuring and mitigating supply chain emissions across all forms of transportation internationally. It will also enable project44 to build a system for measuring Scope 3 supply chain emissions across all regions and modes of transportation. 

“When uncertainty from supply chain disruptions, inventory costs, and economic policy is at an all-time high, project44 continues to deliver lasting business value to our customers,” said Jett McCandless, Founder & CEO of project44. ​“This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest quality supply chain and emissions visibility data to our shipper, freight forwarder, and LSP customers. With these data feeds, our customers are able to outperform their competitors by managing inventory better, delivering an exceptional customer experience, and building a more predictable and resilient supply chain. We will continue to deliver incredible value for our customers, no matter what challenges or opportunities 2023 brings.” 

project44 now helps over 1,200 companies achieve predictability, resilience, and sustainability across their global supply chains. Customers use project44 to ensure on-time delivery of shipments, proactively address supply chain disruptions, and move goods more efficiently. With robust growth and financial performance, project44 is on track to profitability without raising additional capital. 

Company: Project44, Inc.

Raised: $80.0M

Round: Unknown

Funding Month: November 2022

Lead Investors: Generation Investment Management and A.P. Moller Holding

Additional Investors: CMA CGM, Goldman Sachs Asset Management (“Goldman Sachs”), TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures, and Omidyar Technology Ventures

Company Website: https://www.project44.com/

Software Category: Supply chain visibility platform

About the Company: Founded in 2014 by Jett McCandless, project44 is a visibility platform for shippers and logistics service providers. Its enterprise SaaS integration platform is powering the dynamic supply chain of the future through global, on-demand connectivity and visibility. project44 connects, automates, and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. project44 is on a mission to make supply chains work. project44 tracks more than 1 billion unique shipments annually for over 1,200 of the world’s leading brands, including top companies in manufacturing, automotive, retail, life sciences, food & beverage, oil, chemical and gas. Using project44, shippers and carriers across the globe drive greater predictability, resiliency, and sustainability. 

Source: https://www.project44.com/press-releases/project44-raises-80-million-valuing-company-at-2-7-billion-up-12-from-january-despite-widespread-downturn-in-b2b-saas-valuations



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