Goldman Sachs leads $202M investment in project44, doubling its valuation to $1.2B in a matter of months
The COVID-19 pandemic disrupted a lot in the world, and supply chains are no exception.
A number of applications that aim to solve workflow challenges across the supply chain exist. But getting real-time access to information from transportation providers has remained somewhat elusive for shippers and logistics companies alike.
Enter Project44. The 7-year-old Chicago-based company has built an API-based platform that it says acts as “the connective tissue” between transportation providers, third-party logistics companies, shippers and their supply chain systems. Using predictive analytics, the platform provides crucial real-time information such as estimated time of arrivals (ETAs).
“Supply chains have undergone an incredible amount of change – there has never been a greater need for agility, resiliency, and the ability to rapidly respond to changes across the supply chain,” said Jason Duboe, the company’s Chief Growth Officer.
And now, project44 announced it has raised $202 million in a Series E funding round led by Goldman Sachs Asset Management and Emergence Capital. Girteka and Lineage Logistics also participated in the financing, which gives project44 a post-money valuation of $1.2 billion. That doubles the company’s valuation at the time of its Insight Partners-led $100 million Series D in December, and brings its total raised since inception to $442.5 million.
The raise is quite possibly the largest investment in the supply chain visibility space to date.
Project44 is one of those refreshingly transparent private companies that gives insight into its financials. This month, the company says it crossed $50 million in annual recurring (Read more...)