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After record-breaking Q4, project44 begins 2022 with $2.4B valuation

TPG, Thoma Bravo and Goldman Sachs lead $240 million investment round

Project44 received a $2.4 billion valuation after a recent investment round. (Photo: Jim Allen/FreightWaves)

Chicago-based real-time visibility provider project44 announced Monday it has raised $240 million in equity funding led by TPG, Thoma Bravo and the asset management arm of Goldman Sachs Group.

Participating investors Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures also acquired $180 million of shares from existing investors including OpenView Venture Partners, which first began investing in project44 during its Series B in 2018.

The deal now values the visibility firm at $2.4 billion.

The new capital comes at the heels of project44’s record-breaking quarter, reporting annual recurring revenue (ARR) bookings of $12.7 million for the period and $96.2 million in total ARR bookings for 2021, according to the company.

“The resurgence of COVID, port congestion/shutdowns, rising shipping costs and a myriad of other issues has created urgency in customers who are looking to digitize and fortify their supply chains,” said project44 CEO Jett McCandless of the company’s record-breaking Q4.

According to McCandless, project44 plans to deploy the new capital on the same areas that got the company to its $2.4 billion valuation — by continuing to expand its network through strategic acquisitions, including investing in product and engineering in its newest markets of Japan, Brazil and China.

In 2021, project44 acquired last-mile tech company Convey, freight visibility and planning firm ClearMetal and ocean vessel tracking company Ocean Insights, raised $202 million and began its strategic hiring plans after appointing logistics veteran Pierre Jacquin as its general manager of Latin America.

It also made key partnerships through its Preferred Telematics Program offering in Europe, integrating with Everstream Analytics and Redwood Logistics and becoming a strategic partner with Google’s Supply Chain Twin services.

These achievements helped garner project44 the No. 1 ranking on FreightWaves’ FreightTech 25 in November.

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Grace Sharkey

Grace is an entrepreneur and former supply chain executive who has held positions in sales, operations, and consulting. She is passionate about the future of the industry and how technology can improve the experience for all supply chain members. She believes supply chain is the one industry that affects every human directly, and is looking forward to creating content that mirrors that sentiment. If you have a story to share, please contact me at [email protected]