project44, a Chicago, IL-based provider of a supply chain visibility platform, raised $80M in funding.
The round was led by Generation Investment Management, and A.P. Moller Holding, with participation from CMA CGM, Goldman Sachs Asset Management, TPG, Emergence Capital, Chicago Ventures, Sapphire, 8VC, Sozo Ventures and Omidyar Technology Ventures.
The round values project44 at $2.7 billion, up 12% from the valuation of its Series F announced on January 11, 2022.
Led by Jett McCandless, Founder & CEO, project44 operates a neutral end-to-end visibility platform that tracks more than 1 billion unique shipments annually for over 1,200 of the brands, including companies in manufacturing, automotive, retail, life sciences, food & beverage, and oil, chemical & gas. So far in 2022, the company has booked $44M in annual recurring revenue (ARR), bringing the total booked ARR to $134M, posting 70% year-over-year growth. With net revenue retention of 127%, project44 continues to deliver new services and increased value to its customers.
The company intends to use the funds to drive several key initiatives including measuring and mitigating supply chain emissions globally, across all modes of transportation. This additional funding will enable project44 to build a system for measuring Scope 3 supply chain emissions across all regions and modes of transportation. In doing so, the company will empower shippers & freight forwarders to optimize cost, performance and emissions together.
The company has a diverse team spanning 23 global offices including Austin, Amsterdam, Kraków, Paris, São Paulo, Shanghai and Tokyo.
FinSMEs
03/11/2022