Project44, a seven-year-old Chicago-based company has raised the sum of $202 million in its Series E funding round. The funding round was led by Goldman Sachs Asset Management and Emergence Capital.
The recent funding round leaves the company valued at $1.2 billion. Girteka and Lineage Logistics were also part of the funding round.
Project44 has an API-based platform that serves as a bridge that connects third-party logistics firms, transportation providers, and shippers with their supply chain. The platform uses predictive analytics and provides important real-time information such as estimated time of arrival (ETAs) that is important in the supply chain business.
The appearance of the coronavirus disease that resulted in a pandemic threw the world upside down and supply chains were not left out. There exist a vast number of applications with the aim of providing solutions to the challenges of supply chains and their related system. One thing that, however, remains a challenge to shippers and logistics companies is getting real-time access to information from transportation providers. Now, this is where Project44 comes in.
“Supply chains have undergone an incredible amount of change – there has never been a greater need for agility, resiliency, and the ability to rapidly respond to changes across the supply chain”, the company’s Chief Growth Officer; Jason Duboe said.
Project44’s latest funding round is arguably the largest investment to ever happen in the supply chain visibility space.
The company revealed that it has surpassed $50 million in annual recurring revenue (ARR) and mentioned that its ARR is up 100 percent YoY. The company also revealed that its customer base surpasses 600 out of which global brands like Amazon, Nestle, Walmart, Starbucks, P&G, Lenovo, and Unilever are a part of.
The pandemic that started last year created sky-high challenges and Project44 said it has worked hard to assist customers to tackle “relentless volatility, bottlenecks, and logistics breakdown” including the Suez Canal incident where a cargo ship was stuck for days.
The importance of having companies such as Project44 cannot be emphasized enough.
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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