The funding round was led by a syndicate made up of Thoma Bravo, TPG, and Goldman Sachs Asset Management with the other participants being Emergence Capital, Sapphire, Chicago Ventures, Insight Partners, Generation Investment Management, and Sozo Ventures
Project44 caters to logistics providers and shippers. (Credit: Tumisu from Pixabay)
Chicago-based project44 has raised $420m in a new funding round for its supply chain visibility platform at a valuation of $2.2bn.
The funding round was led by a syndicate comprising Thoma Bravo, TPG, and Goldman Sachs Asset Management.
Other participants in the investment round are Emergence Capital, Chicago Ventures, Insight Partners, Sapphire, Generation Investment Management, and Sozo Ventures.
Project44 also secured a commitment from Sixth Street for additional funding to support its strategic acquisition programme as well as product development activities.
The company caters to shippers and logistics providers in navigating complex supply chains, enhance their sustainability, increasing transportation resiliency, and coping up with the changing demands of their customers.
Its clients include Amazon, Danone, Baker Hughes, FedEx, Dollar General, Lenovo, Nestle, General Mills, Unilever, and The Home Depot among others.
TPG partner Malte Janzarik said: “project44 has been scaling at an impressive pace, executing decisively on its vision of a global end-to-end supply chain visibility platform. Supply chain visibility has become a critical technology to solving large-scale problems in the world today, and project44 has emerged as the global market leader.
“The breadth of data project44 offers and ease of access for shippers, logistics providers and carriers are unmatched. We believe that project44’s next-gen platform and highly valuable network will continue to drive tremendous growth.”
Last May, the supply chain visibility platform had raised $202m in an equity financing round at a valuation of $1.2bn.
According to project44, the investments will help in fast tracking its mission to work with brands in optimising the movement of products across supply chains, delivering improved resiliency, sustainability, and customer value.
Project44 founder and CEO Jett McCandless said: “Today, project44 is helping companies solve supply chain challenges ranging from inflationary pressure and lockdowns to unpredictable weather and bottlenecks at ports. Our growth over the past year speaks to these macroeconomic tailwinds and the competitive edge we can provide to our customers.
“With ongoing support from our investors, we can offer even more value to our customers and solidify our position as the global network that powers the future of the supply chain.”