Goldman Sachs-backed supply chain tech startup project44 bags $80M in funding at $2.7 billion valuation
The pandemic of the last two years has caused a major disruption in the global economy. The disruption also led supply chain issues as companies struggled to get the materials they need to meet surging demands. While the pandemic is almost behind us, global political unrest due to the ongoing war in Ukraine has reignited supply chain challenges.
While there are many companies solving some of these supply chain challenges, getting access to real-time information from transportation providers to shippers and logistics companies remained somewhat elusive.
Enter project44, a Goldman Sachs-backed supply chain tech startup that helps shippers, carriers, and logistics professionals manage supply chains by delivering visibility, workflow, and insights for goods in transit. Through its supply chain visibility platform, project44 helps companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports.
Today, the Chicago-based project44 announced it has raised an $80 million funding round at a valuation of $2.7 billion, making it a member of the unicorn club. That was up 12% from the valuation of its Series F announced on January 11, 2022.
The round was led by investment firms Generation Investment Management and A.P. Moller Holding, with participation from buyout firm TPG, venture capital firm Emergence Capital, and others. project44 will use the new cash infusion to drive several key initiatives including measuring and mitigating supply chain emissions globally, across all modes of transportation.
Founded in 2014 by CEO Jett McCandless and Wally Ibrahim, project44 has built an API-based platform that the company says acts as “the connective tissue” between transportation providers, third-party logistics companies, shippers, and their supply chain systems.
“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.
McCandless added, “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.”