project44 operates a neutral end-to-end visibility platform that tracks more than 1 billion unique shipments annually for over 1,200 brands across manufacturing, automotive, retail, life sciences, food & beverage, and oil, chemical & gas. Led by Founder & CEO Jett McCandless, the company reports global operations spanning 23 offices including Austin, Amsterdam, Kraków, Paris, São Paulo, Shanghai and Tokyo. Financially, project44 has booked $44M in ARR so far in 2022, bringing total booked ARR to $134M and posting 70% year‑over‑year growth with net revenue retention of 127%. The company was valued at $2.7 billion in this round, up 12% from the valuation of its Series F announced on January 11, 2022. Project44 intends to use the new funding to drive initiatives around measuring and mitigating supply‑chain emissions globally and to build a system for measuring Scope 3 emissions across all regions and modes of transportation. The platform aims to empower shippers and freight forwarders to optimize cost, performance and emissions together. project44 is an advanced supply chain visibility platform that connects, automates and provides real-time visibility across transportation modes. The company operates the largest carrier network in the space with 142,732 multimodal carrier integrations, 2.7 million trucks, coverage in 166 countries and tracks over 1 billion packages annually. project44 serves more than 1,000 customers, has 1,000+ team members across 17 global offices, and generates over $100 million in annual recurring revenue with a subscription gross margin of 70%. In 2021 it reported strong retention and growth: net retention of 133%, annualized gross retention of 96%, $12.7M of newly booked ARR in Q4, YoY bookings up 170% and YoY logo growth up 216%. The company plans to nearly double its investment in product and engineering in 2022, hire hundreds of new team members across China, Europe, Latin America, North America and Japan, and pursue strategic acquisitions. project44 positions itself as the market leader in supply chain visibility and aims to expand real-time visibility to more modes and regions to improve resiliency and sustainability for customers. project44 has built an API-based platform that acts as the connective tissue between transportation providers, third-party logistics companies, shippers and their supply chain systems, using predictive analytics to provide real-time information such as estimated times of arrival (ETAs). The seven-year-old, Chicago-based company says it crossed $50 million in annual recurring revenue (ARR), up 100% year over year, and serves more than 600 customers including Amazon, Walmart, Nestlé, Starbucks, Unilever, Lenovo and P&G. Customers come from a variety of industries including CPG, retail, e-commerce, manufacturing, pharma and chemical. Over the last year the company expanded its product capabilities through acquisitions of ClearMetal and Ocean Insights to broaden international freight visibility, predictive planning and ocean offerings. Project44 plans to use new capital to continue global expansion—recently entering China and targeting growth in Asia-Pacific, Australia/New Zealand and Latin America—and to invest in carrier products to increase participation from the transportation community. The company also intends to expand its AI and data science capabilities and broaden its global sales and marketing reach. project44 provides a cloud-based visibility platform that connects, automates and provides real-time transportation visibility for shippers and third-party logistics firms. The platform is used by more than 400 enterprise customers to increase operational efficiency, reduce costs, improve shipping performance and deliver an Amazon-like customer experience. In 2020 the company signed 135 new customers and expanded work with customers including ABB, General Mills, Lenovo, PepsiCo and others. project44 has tracked shipments in more than 140 countries, added air freight and groupage visibility, expanded global ocean coverage, and built an over-the-road network with connections to more than 780 telematics/ELD providers. The company is led by founder and CEO Jett McCandless and plans to use new funding for global expansion of its multimodal carrier network, product innovations, and upstream/downstream partnerships and integrations. To date, project44 has raised $241M. project44 is the world’s leading advanced visibility platform for shippers and third-party logistics firms, connecting, automating and providing visibility into key transportation processes via a cloud-based platform. Its platform is connected to over 175,000 carriers worldwide and supports all transportation modes and shipping types, including parcel, final-mile, less-than-truckload, truckload, rail, intermodal and ocean. Customers use project44 to increase operational efficiencies, reduce costs, improve shipping performance, and deliver an Amazon-like experience. In just three years since launching its first product, the company rapidly expanded its platform to meet growing needs for accurate, predictive visibility across geographies. The company reported record growth in its most recent quarter with sales to manufacturers, retailers, e-commerce providers, distributors, freight forwarders, 3PLs, TMS providers and start-ups. Proceeds from the financing will fund continued North American growth, new product initiatives in advanced visibility, and international expansion. This round brings total capital invested in the company to over $90M.

Total raised

$893M

Funding rounds

7

Latest round

Equity

Latest activity

Nov 2022