project44 heralds $100 million Series D financing round
The growth engine for Chicago-based project44, technology services provider offering standardized, secure Web service API (application programming interfaces) integrations enabling 3PLs and shippers to connect with carriers in real time, continues to accelerate, with the company announcing late last month that it closed on a $100 million Series D financing round, which was spearheaded by Insight Partners.
Other investors involved in this initiative included 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures, and Underscore VC. Including this round of financing project44 has now raised a cumulative $244 million in outside investment.
Company officials said that this most recent round of funding will go toward continued, global expansion of project44’s leading, multimodal carrier network in addition to new product innovations, partnerships and integrations both up and downstream within the supply chain to offer the most advanced and comprehensive offering on the market.
“The events of 2020 magnified challenges organizations face in achieving supply chain visibility,” said Jett McCandless, CEO and founder of project44, in a statement. “Digital transformation to better understand and manage shipping delays and status was important pre-pandemic; now it is a business imperative. With project44’s best-in-class solution, we were a natural choice for organizations that needed to adapt to unprecedented logistical challenges this year. We’ve seen the biggest increase in new customers, and the highest net revenue retention at 118%, among competitors in the supply chain visibility space. Now, with this Series D funding, and closer relationships with leading investor partners, we will only accelerate innovation to transform the global supply chain, helping organizations prepare for a new normal.”
And project44 now has more than 400 enterprise customers, which includes the top three Fortune 500 companies, two of the three largest global retailers, and eight of the top ten freight brokerages.
The company cited various accomplishments it achieved in 2020, including:
- signing a record-setting 135 new customers, as well as numerous customer expansions, including ABB, Alcon, Arcese, BSH Home Appliance, Flowserve, General Mills, Girteka Logistics, IFCO Systems GmbH, Lenovo, Magna International, PepsiCo and more.
- launching industry-first innovations to become the only supply chain visibility and collaboration company with one seamless global and multimodal experience with tracked shipments in more than 140 countries around the world;
- adding air freight and groupage visibility, as well as expanded global ocean coverage to track all shipments, everywhere;
- announcing multiple product advancements including an enhanced, predictive ETA model that calculates a shipment’s arrival status with extreme accuracy, helping customers to reduce inventory; and
- providing the most expansive and highest performing, global, over-the-road network with connections to more than 780 telematics/ELD providers, representing 94% of the European market, and over 95% parcel coverage in North America and Europe, among others
