Nobody likes receiving an order late in the mail. It can be even more frustrating when the company can’t even tell you why your package hasn’t arrived. As online shopping activity has increased over the past year, so have mishaps along the supply chain. Luckily, project44 is working to reduce problems like volatility, bottlenecks and logistics breakdowns with its visibility platform.
Project44 just closed on a $202 million Series E raise led by Goldman Sachs and Emergence Capital that now values the new unicorn at $1.2 billion. This round follows the company’s $100 million Series D round raised late last year and brings its total venture capital raised to $442.5 million. Its other investors include Insight Partners, Sapphire, 8VC, Chicago Ventures and Sozo.
The company is working to improve trust and predictability along the supply chain. Its tech connects shippers, logistics service providers and carriers to their respective supply chain systems, and it uses predictive analytics to provide real-time insights to businesses across a number of industries.
This capital raise comes after a period of growth for project44. The company increased its annual recurring revenue by 50 percent year over year, as reported by TechCrunch. It also serves over 600 enterprise customers including Amazon, Starbucks, Lenovo and Nestle. Having established its presence across Europe and North America, project44 is looking to invest this round of funding in furthering its global expansion plans into Asian markets.
Project44 recently expanded its shipment tracking coverage into China in response to increased demand. Now, with its current expansion plans, project44 is working to ensure more time ahead to manage supply chain disruptions and make sure customers receive critical orders on time. It’s also planning to invest in developing more carrier products and enhancing its AI and data science capabilities.
“project44’s solutions help enterprises deal with some of the most complex supply chain challenges facing the world today.” Jett McCandless, project44’s founder and CEO, said in a statement. “Goldman Sachs is not only a top-tier investor, it also has the network and resources to help project44 to deliver on our strategic objective of rapid expansion into China and other Asian markets. This investment will allow us to continue hiring the best talent, accelerate our global expansion and improve our products to deliver even more value to our customers.”
The company currently has dozens of available positions listed at its Chicago headquarters. Roles span departments including administration, customer success, design, engineering, marketing, product and more.