Project44 raises $80 million to improve Scope 3 visibility

diving letter:

  • The Visibility Platform Project44 has raised $80 million in funding to help build a system to measure Scope 3 emissions, the company announced Nov. 3.
  • More than 10 companies participated in the funding round led by investments from Generation Investment Management, AP Moller Holding and CMA CGM.
  • The focus on the visibility of emissions comes as rRegulators like the International Maritime Organization and the European Union are targeting new carbon requirements, project44 said in a statement.

Dive insight:

Multiple disruptions during the pandemic have accelerated the need for supply chain visibility to meet customer expectations, project44 Chief Growth Officer Jason Duboe said in an email to Supply Chain Dive.

project44 competes with a number of other companies in the supply chain visibility market, including Shippeo, Transporeon and MacroPoint, Duboe said. FourKites, another visibility provider, raised $100 million in 2021 to expand its own offering.

Project44’s existing customers include Energizer, Anheuser-Busch InBev Europe, Foot Locker and Veyer.

The large amounts of new funding, as well as investments from companies with major shipping companies such as Maersk and CMA CGM, illustrate the interest in visibility solutions from shippers and carriers alike.

As interest in the topic grows, regulators are also getting involved.

In November 2021, the Federal Shipping Commission launched an initiative to obtain information from various interest groups about data gaps. FMC Commissioner Carl Bentzel found that limited or unreliable maritime shipping data was a key impediment to better supply chain management.

Improvements to this data are required if supply chain stakeholders are to meet new sustainability targets set by global regulators.

The International Maritime Commission, for example, is preparing to implement new 2023 carbon requirements which it hopes will help reduce the carbon intensity of all ships by at least 40% by 2030.

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