Logistics visibility platform provider project44 has raised $80 million less than a year after raising nearly half a billion dollars in venture capital and says it will use the funds to advance initiatives, including measurement and reducing emissions in the supply chain across all modes of transport.
Developing new capabilities will help the eight-year-old startup “stay on a glide path to profitability” as it tacks toward a goal of going public at some point in the future, a company executive said.
The latest money follows the $420 million “Series F” funding round in January, the $202 million “Series E” funding round in 2021 and the “Series D” round in Amount of $100 million in 2020. The latest cash injection values the company at approximately $2.7 billion, well above the $1 billion mark that investors are using to invest in the successful companies to match the nickname “unicorns”.
Today’s round was led by Generation Investment Management and Denmark’s AP Moller Holding. Container logistics giant CMA CGM also joined the round alongside existing investors Goldman Sachs Asset Management, TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures and Omidyar Technology Ventures.
“Even with uncertainty from supply chain disruptions, inventory costs and economic policy at all-time highs, project44 continues to deliver enduring business value to our customers,” said Jett McCandless, founder and CEO of project44, in a press release. 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 transparency data to our shippers, carriers and LSP customers.”
Thanks to his generous financial support, Chicago-based project44 has increased its supply chain visibility market share and now counts more than 1,200 companies among its paying customers. The company says these users will gain access to data that will ensure on-time delivery of shipments, proactively address supply chain disruptions and move goods more efficiently.
Despite its rich backing, project44 still defines itself as a “growth-phase” company trying to enter new markets, project44 Chief Growth Officer Jason Duboe said in an interview.
“To say that our customers have endured two turbulent years of chaos and disruption would be the understatement of the year,” Duboe said, citing impacts such as the pandemic port closures at China’s Shenzhen and Ningbo facilities, the Suez Canal closure, supply shocks and increases in demand during Covid shutdowns and ongoing capacity and labor shortages. “Now many of them are hoping they can finally settle down and implement new software to fuel the evolution of their business models in ways that many of their teams have been begging for.”
According to Duboe, project44 can help them achieve this goal by opening up the “data silos” that have traditionally existed in the logistics sector. Companies will struggle to achieve goals like more sustainable supply chain operations until they can access information through different platforms like Enterprise Resource Planning (ERP), Warehouse Management System (WMS), Transportation Management System (TMS), Customer Relationship Management (CRM). , and many others, he said.
As an example of how project44 can enable this vision, Duboe cited the company’s new “Movement” product, an advanced visibility platform that offers shippers, shippers, carriers, and logistics professionals a new way to see the entire supply chain.