At a Glance
Chicago-based project44, a supply chain visibility platform provider, has attained unicorn status, with a newly achieved valuation of $1.2 billion in a Series E funding round where it netted $200 million. Goldman Sachs and Emergence Capital led the funding. Proceeds shall be used to expand globally.
Supply chain visibility platform provider project44 has joined the unicorn club after closing its $202 million Series E funding led by Goldman Sachs Asset Management and Emergence Capital. In its blog post, Jett McCandless, founder and CEO of project 44, announced the newly attained status and his company’s valuation of $1.2 billion post the funding.
I wanted to share some gratitude, first to our customers….. Our growth is a direct result of the faith you put in us. Thank you! Our achievement in reaching this latest company milestone and surpassing $1 billion in valuation is a testament to the teamwork of all our team members at project44 who worked long and hard at realizing the missionJett McCandless, founder and CEO of project 44
Founded in 2014 and based in Chicago, project44 provides an API-based platform to connect transportation providers, third-party logistics companies, shippers, and their supply chain systems. This platform provides crucial real-time information.
Mr. McCandless stressed that the investment marked the market’s confidence in project 44’s visibility solutions, a crucial component for the supply chain digitization ecosystem. He stated that the proceeds would be used in growth and innovation to attract the best talent, and accelerate their global expansion, predominantly in the Asia Pacific, Australia/New Zealand, and Latin markets. They will also focus on improving their products.
In an interview with TechCrunch, Mr. McCandless stated that project44 would invest heavily in carrier products to increase participation from the transportation community. Investments in AI and data science capabilities to broaden sales and marketing will follow.
Will Chen, managing director at Goldman Sachs, stated that project44 is unique in its scope of network coverage and noted that Mr. McCandless would help the company grow through its network and resources along with the capital.
Most competitors predominantly focus on over-the-road visibility and primarily serve one region, whereas project44 is a truly global business that provides end-to-end visibility across their customers’ entire supply chainWill Chen, managing director at Goldman Sachs