Project44, a Chicago-based supply chain visibility platform, on Monday announced it has closed a Series D financing round of $100 million as customers continue to flock to digital logistics platforms to help make supply chains more efficient.
Through a spokesperson, the company declined to share its valuation metric.
Leading the round is Insight Partners, with participation in the funding round from 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures and Underscore VC.
The new funding will go toward continued global expansion of project44’s multimodal carrier network as well as new product innovations, partnerships and integrations both up and downstream within the supply chain, the company said in a press statement.
“The events of 2020 magnified challenges organizations face in achieving supply chain visibility,” said Jett McCandless, CEO and founder of project44, in the release.
Noting that digital transformation has become a “business imperative” during the pandemic, McCandless said the company has seen a surge, its biggest ever, in new customers over the past year, and “now with this Series D funding and closer relationships with our investor partners, we will only accelerate innovation to transform the global supply chain, helping organizations prepare for a new normal.”
Founded in 2014, project44 offers real-time transportation visibility with more than 400 enterprise customers, including the top three Fortune 100 companies, two of the three largest global retailers and eight of the world’s top 10 freight brokerages.
The company’s network connects to more 780 telematics/ELD providers, representing 94% of the European market, and over 95% parcel coverage in North America and Europe.
Milestones the company hit this year include signing a record-setting 135 new customers, as well as numerous customer expansions including ABB, Alcon, Arcese, BSH Home Appliances, Flowserve, General Mills, Girteka Logistics, IFCO Systems GmbH, Lenovo, Magna International, PepsiCo and more.
Earlier in December, project44 announced a partnership with OneRail, a delivery-based orchestration and fulfillment platform, to help unify inbound and outbound logistics.
In the spring, the company added air freight, groupage and expanded global ocean visibility to its platform. It also debuted an enhanced, predictive ETA model.
For the third year in a row, project44 came in second after Amazon in this year’s FreightTech 25, FreightWaves’ list of leading disruptors and innovators in the freight-tech industry.
NOVEMBER 7-9, 2023 • CHATTANOOGA, TN • IN-PERSON EVENT
The second annual F3: Future of Freight Festival will be held in Chattanooga, “The Scenic City,” this November. F3 combines innovation and entertainment — featuring live demos, industry experts discussing freight market trends for 2024, afternoon networking events, and Grammy Award-winning musicians performing in the evenings amidst the cool Appalachian fall weather.