Project44 Raises $80M to Develop Supply Chain Emissions Tracking Platform
Though supply chains are no longer as volatile as they were during the pandemic, logistics services are still in high demand — especially with the holidays right around the corner. Everything from food to toys needs to make its way to stores one way or another. With project44, a Chicago-based logistics company, tracking shipments and ensuring they arrive on time is much simpler with its supply chain visibility solutions. Recently, the company secured new funding to continue its growth trajectory.
On Thursday, project44 announced that it secured $80 million in funding at a $2.7 billion valuation. This is an approximately 12 percent increase from the $2.2 billion valuation the company reached after raising funds in January.
Project44 provides supply chain visibility solutions for companies that need to move large amounts of freight. Currently, the company tracks over one billion cargo loads a year to help clients ensure they are delivered accurately and on time. Founded in 2014, project44 works with brands in the automotive, retail, food, beverage and oil industries, among others.
With the fresh funding, project44 plans to develop a new supply chain platform that will track the carbon emissions from cargo that its clients transport. By empowering clients to know about their carbon footprint, shippers will be able to optimize their supply chain networks and operate in a more efficient manner.
“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,” Jett McCandless, founder and CEO of project44, said in a statement. “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.”
The latest funding round was co-led by Generation Investment Management and A.P. Miller Holding. To date, porject44 has raised $897.5 million, according to Crunchbase.
“In project44, we see a compelling opportunity to bring rigorous measurement and climate accountability to logistics. Many of the world’s biggest shippers have committed to reducing their emissions in line with the Paris Agreement. Soon, they will have the technology to back their words with action,” Joy Tuffield, a growth equity partner at Generation Investment Management, said in a statement.
Project44 currently has several open positions listed on Built In, ranging from a solutions architect and senior software engineer to an account manager and senior revenue accountant.